ENFORCEMENT

AML / KYC

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

By Editors | 10/05/2020

Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.

Enforcement

PBOC Issues Record Penalty Against Payments Firm

By Editors | 09/05/2020

Allscore Payment Service was also found to have providing services for illegal gambling websites, embezzled customer funds and misappropriated reserve funds.

Enforcement

MAS Issues Prohibition Orders Against Two Former Bank Employees

By Editors | 09/05/2020

A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.

Enforcement

US SEC Penalises Bloomberg Tradebook Over Order Routing

By Editors | 07/05/2020

Bloomberg Tradebook let unaffiliated brokers make decisions about the routing of certain customer trade orders in a way that lowered its own costs, without informing affected customers.

Enforcement

SFC Fines Mega International Commercial Bank Over Sales Practices

By Editors | 07/05/2020

Mega did not properly assess clients’ investment objectives, risk tolerance levels and knowledge of derivatives, or ensure the suitability of its fund recommendations for clients.

Enforcement

Australia: Pershing Pleads Guilty to Breaching Client Money Rules

By Editors | 07/05/2020

Pershing Securities Australia, a BNY Mellon subsidiary, is the first company in Australia to face criminal prosecution for breaching client money provisions.

Enforcement

SEBI Initiates Probe into Franklin Templeton Fund Closures

By Editors | 06/05/2020

SEBI is reported looking to determine whether the firm violated rules, breached its fiduciary duty, or failed to act in investors’ best interests.

Enforcement

Taiwan FSC Warns Lenders Not to Overcharge for Covid-19 Loans

By Editors | 06/05/2020

The FSC will investigate banks that charge unreasonably high handling fees to circumvent the interest rate cap on relief loans.

AML / KYC

US Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt

By Nick Turner | 05/05/2020

US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.