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Enforcement
Third Individual Jailed in SGX Derivatives Spoofing Case
By Editors | 29/11/2019
The former proprietary trading firm director furnished a false statement to SGX Derivatives Trading with the intent of deceiving it about trading activities in futures contracts.
Enforcement
CBA’s CommInsure Penalised A$700,000 for Hawking Offences
By Editors | 29/11/2019
The penalty follows last week’s guilty plea from CommInsure for conducting insurance sales by phone, where the customers had not requested to be contacted.
Enforcement
SEBI Probes Exchanges, Brokers for Failure to Detect Karvy Fraud
By Editors | 29/11/2019
An NSE audit found that Karvy Stock Broking pledged 20 million rupees in client securities with various lenders to raise funds for its own use.
Securities / Derivatives
CFTC Fines Goldman $1mn for Three Weeks of Missing Phone Records
By Editors | 28/11/2019
Goldman’s phone recording hardware failed in January 2014 an went undetected for three weeks, thereby impeding an unrelated CFTC investigation.
Enforcement
Korea Progresses Financial Consumer Protection Bill
By Editors | 28/11/2019
The bill, approved by the national policy committee, contains six sales regulations to be applied to all financial products and establishes a legal basis for penalising firms in violation.
Enforcement
SAFE Penalises JD.com Unit for Illegal Overseas Transfers
By Editors | 28/11/2019
The overseas transfers were reportedly used by mainland residents to participate in online gambling sites tied to popular Macau casinos with international licenses.
AML / KYC
Mizuho Ordered to Pay Caymans-related Back Taxes and Penalty
By Editors | 28/11/2019
The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.
Enforcement
UK Regulator Penalises Citigroup for Reporting Failures
By Editors | 28/11/2019
Citi’s UK failings led to “significant errors” in the firms’ returns, preventing the Prudential Regulation Authority from obtaining an accurate picture of its capital or liquidity position.
AML / KYC
Singapore Company Director Jailed for North Korea Trade
By Editors | 25/11/2019
The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.
Capital / Liquidity
RBNZ Sanctions NAB’s Bank of New Zealand for Capital Calculation Errors
By Editors | 23/11/2019
Bank of New Zealand is the third of the big four banks in New Zealand to be forced to hold more capital as a result of capital calculation errors.
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