Enforcement

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.

Enforcement

Taiwan Addresses Bank Misconduct With Higher Penalties: Fitch

By Editors | 17/12/2020

Banks are expected to work to strengthen their risk controls, particularly around wealth management to avoid penalties and preserve their corporate governance rankings.

Enforcement

US SEC Settles Luckin Coffee Fraud Charges for $180m

By Editors | 17/12/2020

Luckin materially misstated its revenue, expenses, and net operating loss to falsely appear to achieve rapid growth and increased profitability, the SEC said.

Enforcement

CSRC Suspends Credit Rating Agency, Orders Improvements

By Editors | 16/12/2020

The rating agency has been asked to carry out a comprehensive rectification programme, strengthen internal controls, and improve the quality of its ratings.

Enforcement

ASIC Sues Three Firms For Illicitly Offering FX Margin Trading

By Sanday Chongo Kabange | 15/12/2020

ASIC alleges Union Standard provided trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those products.

Capital / Liquidity

APRA Lowers Allianz Capital Charge to Reflect Better Risk Governance

By Editors | 10/12/2020

In recognition of progress to address risk governance issues, APRA has reduced Allianz’s additional capital requirement from A$250mn to A$150mn.

Big Picture

APAC Overtook US in AML Penalties For 2020: Fenergo

By Editors | 10/12/2020

APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.