ENFORCEMENT

Enforcement

European Commission Fines Five Banks Involved in FX Trading Cartel

By Editors | 20/05/2019

Individual traders at Citigroup, Barclays, RBS, JP Morgan and MUFG exchanged sensitive information and coordinated spot FX trading strategies through online chatrooms.

Enforcement

Hong Kong ICAC Files Charges Against Former Convoy Director

By Manesh Samtani | 18/05/2019

Charges were laid against Cho Kwai Chee, a former director of Convoy Global Holdings, one of the companies said to be at the centre of the so-called ‘enigma network’.

Enforcement

NSE India Fines 250 Listed Companies

By Editors | 17/05/2019

India’s National Stock Exchange has fined 250 firms for non-compliance with its listing obligations and disclosure requirements.

AML / KYC

FSC Korea Fines Four Brokers for False Name Accounts

By Editors | 17/05/2019

South Korea’s FSC has fined four local brokerages for holding accounts belonging to Samsung Group chairman Lee Kun-hee under other people’s names.

Enforcement

SFC Warns Brokers, Traders on Client Facilitation Conduct

By Manesh Samtani | 17/05/2019

The SFC has found brokers that are failing to comply with the expected standards on client facilitation, and plans to take action against both individuals and firms.

Enforcement

ASIC Raises Bar for Complaints Handling at Financial Firms

By Editors | 16/05/2019

The proposals raise internal dispute resolution standards at financial firms, and introduce mandatory data reporting to help make complaints handling performance more transparent.

Enforcement

Taiwan Adviser Found Embezzling $4.8mn Over 14 Years

By Editors | 14/05/2019

A Hua Nan Commercial Bank adviser allegedly withdrew money from client accounts and made loans in their names, before diverting the funds to a company operated by her relatives.

Enforcement

MAS Imposes Multi-Year Bans for ‘Dishonest Conduct’

By Editors | 10/05/2019

Two former representatives of Jefferies Singapore colluded to trade against their firm using privileged information, representing ‘deceptive conduct’ which contravenes the SFA.

Enforcement

Chinese Police Arrest Five More Fuxing Execs on Fraud Charges

By Editors | 10/05/2019

Four deputy presidents and the head of one of Fuxing’s subsidiaries have been detained for illegal fundraising activities, following charges brought against the group’s chairman last July.