Enforcement

Enforcement

ASIC Secures A$10m in Refunds for Customers from Allianz

By Sanday Chongo Kabange | 04/11/2020

Up to 31,000 consumers have been remediated for misconduct relating to the sale of travel insurance through Allianz’s own website and those of its partners.

Enforcement

Korean Prosecutors Raid Brokerage Firms Over Lime Asset Mis-selling

By Shruti Khairnar | 02/11/2020

Investigators from Seoul’s prosecution office raided the headquarters of Shinhan Investment Corp, Korea Investment & Securities, and KB Securities last week.

Enforcement

KRX Probes Market Makers’ Compliance With Short Selling Rules

By Editors | 02/11/2020

The inspection will cover all 22 market makers, focusing on whether they conducted naked short selling and whether they violated the uptick rule.

Enforcement

CBA to Pay Penalty for Increasing Problem Gambler’s Credit Limit

By Editors | 01/11/2020

ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.

Enforcement

MAS Bans Two Former Bankers for Fraud, Dishonest Conduct

By Editors | 01/11/2020

The former OCBC treasury advisor placed unauthorised FX trades in client accounts, while the former UOB relationship manager made unauthorised bank transfers.

Enforcement

SFC Suspends Licence of Mason Securities Representative

By Editors | 30/10/2020

The former licensed representative said she had forgotten to declare an external securities trading account initially, and “could not be bothered to do so subsequently”.

Enforcement

Singapore Courts Charge Two for Cheating, False Trading

By Editors | 30/10/2020

Ex-KTL Global CEO Tan Kheng Yeow and OCBC Securities trading rep Tan Chun Yong are said to have been involved in a conspiracy for false trading.

Enforcement

FSC Korea Consults on Enforcement of New Consumer Protection Law

By Sanday Chongo Kabange | 29/10/2020

The key enforcement proposals relate to consumer rights, the types of firms under scope, and the reach of the new legislation, and the penalties that can be imposed.

Enforcement

SC Malaysia Establishes Task Force to Combat Financial Scams

By Editors | 27/10/2020

SC chairman Datuk Syed Zaid Albar SAID Malaysian nationals lost $220mn to financial scams in the first six months of this year.