Enforcement

Enforcement

Cathay United Bank Penalised Over Misappropriated Client Funds

By Editors | 02/01/2021

Cathay United failed to set up internal controls to prevent the theft of TWD 17.32 million from four clients by a customer relationship manager.

Enforcement

Taiwan FSC Fines KGI Securities Over Poor Internal Controls

By Editors | 31/12/2020

The case relates to the August suicide of a former KGI Securities employee, who suffered large investment losses as a result of illegal futures trades for his clients.

AML / KYC

Federal Reserve Orders Credit Suisse to Enhance AML Controls

By Editors | 31/12/2020

Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.

Enforcement

IOSCO Issues Guidance on Addressing Misconduct During Stress Events

By Editors | 31/12/2020

Extreme price volatility, profitability pressures, psychological stressors, remote working and aggressive advertising were some of the drivers of misconduct risk during the pandemic.

Enforcement

CBIRC Takes Control of Trust Company Accused of Embezzlement

By Editors | 24/12/2020

A joint working team comprising CBIRC and local government officials was dispatched to Sichuan Trust to supervise operations and carry out a management reshuffle.

Enforcement

SFC Fines Fulbright Securities Over Short Selling Controls

By Editors | 23/12/2020

Fulbright Securities failed to detect and prevent illegal short selling failures in at least 93 instances over a period of at least six months.

Crypto / Digital Assets

UPDATED: US SEC Files Lawsuit Against Ripple, Top Execs

By Editors | 22/12/2020

The lawsuit will allege that Ripple, its CEO and its Co-founder sold unlicensed securities that should be registered with the SEC.

Capital / Liquidity

Korea FSS Directs Kakao Bank to Enhance Risk Management

By Editors | 21/12/2020

Kakao Bank is directed to set up an effective emergency plan for responding to a crisis, including detailed financing options to deal potential capital shortfalls.

Enforcement

US SEC Penalises Robinhood $65m for Misleading Customers

By Sanday Chongo Kabange | 21/12/2020

The SEC said Robinhood misled customers into believing trading was commission free, while it executed customers’ orders at inferior trade prices costing them $34mn.