Enforcement

    AML / KYC

    Governments Failing to Stop Money Laundering: FATF Official

    By Editors | 13/05/2020

    Many countries have shown a last-minute commitment to tackling money laundering and a sudden uptick in investigations only because they faced an upcoming FATF evaluation.

    Enforcement

    Hong Kong: Investors Seek Compensation for Failed IPOs – Report

    By Editors | 11/05/2020

    The SFC has issued almost HK$1bn in penalties for IPO sponsor failures over 20 years. These proceeds have gone to the government, not investors.

    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.

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