Enforcement

Enforcement

Foreign Banks Penalised in Taiwan for Facilitating FX Speculation

By Editors | 08/02/2021

Deutsche Bank is permanently banned from trading TWD deliverable and non-deliverable forwards. ING, ANZ and Citi received lesser punishments.

Crypto / Digital Assets

SEC Thailand Orders Crypto Exchange to Suspend Client Onboarding

By Ranamita Chakraborty | 08/02/2021

Bitkub needs to address five major issues before it can resume onboarding new clients, after high volume trading disrupted its systems in January.

Enforcement

ASIC to Consider Enforcement Action for Climate Risk Disclosure Failures

By Ranamita Chakraborty | 07/02/2021

ASIC says the law requires climate risk to be included in OFR disclosures, particularly when it is a material risk that could affect financial performance.

AML / KYC

Greater Bay Regulators Sign MoU on Wealth Management Connect

By Manesh Samtani | 07/02/2021

The regulators agree to issue guidance to banks on product due diligence, investor protection, AML/CFT requirements and personal data protection, among other areas.

Enforcement

FSC Penalises Citibank Taiwan Over Reporting Errors

By Editors | 05/02/2021

The bank has been reporting credit data to the JCIC incorrectly since December 2010, potentially impacting the credit scores of certain customers.

Enforcement

London Trader Jailed for LIBOR Manipulation Released

By Editors | 05/02/2021

Tom Hayes told Bloomberg this week that efforts to replace LIBOR were pointless and that the rate was far safer now.

Enforcement

Korea FSS to Punish Top Woori, Shinhan Executives – Report

By Editors | 04/02/2021

Woori Financial Group’s chairman may be suspended from his duties, while the Shinhan Bank’s chief executive may receive a reprimand warning.

Enforcement

Taiwan to Impose Tighter FX Rules to Curb Currency Speculation

By Ranamita Chakraborty | 04/02/2021

The move follows a probe into dubious currency practices at eight major grain merchants in Asia, facilitated by six foreign banks.

Enforcement

CBIRC Identifies Consumer Rights Violations at Everbright Bank

By Editors | 04/02/2021

Financial institutions are asked to use the case as a reference for improving their own consumer rights protection mechanisms.