Enforcement

Enforcement

RBI Fines SBI For Noncompliant Commission Payments

By Editors | 18/03/2021

State Bank of India violated rules prohibiting banks from paying remuneration in the form of commission or a share of profits.

AML / KYC

SFC Fines Yardley Securities for AML/CFT Breaches

By Editors | 17/03/2021

Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.

Enforcement

Australia Considers Legislation to Make Boards Liable for Cyber Risk

By Editors | 17/03/2021

Legislation currently before Parliament includes security obligations for entities responsible for critical infrastructure, a list that will be significantly expanded.

Enforcement

CSRC Fines Fund Manager ¥1.1m for Fraud, Embezzlement

By Editors | 16/03/2021

Cornerstone Capital’s controlling shareholder was also fined for fabricating the financials of funds managed by the firm.

Enforcement

Woori Accepts FSS Compensation Guideline for Lime Losses

By Editors | 15/03/2021

Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.

AML / KYC

SFC Fines Sino-Rich Securities & Futures for AML Breaches 

By Editors | 15/03/2021

Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

Enforcement

Singapore Court Jails, Fines Ex-Director for False Trading

By Editors | 15/03/2021

The former director of investment and corporate advisory firm WLA Regnum was jailed and fined for false trading and deceiving UOB Kay Hian.

Enforcement

ASIC Imposes Licence Conditions on OTC Derivatives Issuer AxiCorp

By Editors | 15/03/2021

ASIC has agreed to set aside a January 2020 decision to suspend AxiCorp’s AFS licence following the imposition of additional licence conditions.

AML / KYC

APRA Ends Westpac Probe into Possible Banking Law Breaches

By Editors | 14/03/2021

The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.