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Enforcement
S. Korean Regulators to Probe All Private Fund Operators
By Manesh Samtani | 04/07/2020
A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for ‘swift action’ including prosection.
AML / KYC
Singapore Authorities Probe Two Companies with Wirecard Links
By Editors | 04/07/2020
Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.
Enforcement
CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts
By Editors | 04/07/2020
The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.
AML / KYC
BCBS Updates AML Guidance to Advance Supervisory Cooperation
By Editors | 02/07/2020
Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.
Enforcement
SocGen Australia Pleads Guilty to Client Money Offences
By Editors | 02/07/2020
SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.
Enforcement
FSC Korea Introduces Legislative Revisions on Predatory Lending
By Editors | 02/07/2020
The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.
Enforcement
Korea: Optimus Asset Management Ordered to Suspend Business
By Editors | 01/07/2020
Company executives will be removed and designated administrators will take over their duties. Optimus is accused of fabricating depository statements sent to brokers.
AML / KYC
UPDATED – Wirecard Fraud: A Timeline of Events
By Editors | 30/06/2020
Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.
Enforcement
ABA Temporarily Amends Banking Code in Light of Covid-19
By Editors | 29/06/2020
The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.
Enforcement
Luckin Coffee Abandons Plans to Appeal Nasdaq Delisting
By Editors | 29/06/2020
A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.
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