Enforcement

AML / KYC

Three Indonesians Charged with Terrorism Financing in Singapore

By Editors | 24/10/2019

The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.

Enforcement

UBS Identifies ‘Inappropriate Spreads’ Charged to HK, SG Clients

By Editors | 24/10/2019

UBS may have charged some wealth management clients booked in Hong Kong and Singapore ‘inappropriate spreads’ on debt securities transactions between 2008 and 2015.

Enforcement

JPM, SocGen Earned $6.8mn on Money-Losing DLFs Sold in Korea

By Editors | 23/10/2019

FSS data shows that JP Morgan Chase and Société Générale earned nearly $6.8mn from the high-risk derivatives products sold through KEB Hana and Woori Bank.

Enforcement

More Shanghai Bank Executives Assisting in Corruption Probes

By Editors | 23/10/2019

The current and former Shanghai chiefs of Ping An Bank and the Suzhou branch head of China Guangfa Bank are assisting in an anti-graft probe linked to former CSRC chairman Liu Shiyu.

Enforcement

FSC Korea to Raise Penalties for Illegal Short Selling

By Editors | 22/10/2019

On top of the higher penalties for illegal short selling, the FSC will penalise violators extra if they are found to have also engaged in unfair dealing.

Enforcement

IPO Sponsors, Underwriters Are ‘Guardians of Market Quality’: SFC

By Manesh Samtani | 22/10/2019

The SFC expects sponsors to conduct sufficient due diligence to properly understand and assess the companies seeking to be listed, and to ensure red flags are properly followed up.

Enforcement

US SEC Charges Chinese Traders in Market Manipulation Scheme

By Editors | 21/10/2019

The market manipulation scheme involved 18 traders primarily based in China, over 3,900 US-listed securities and over $31mn in illicit profits.

AML / KYC

New Zealand FX Broker Issued Formal Warning for AML Violations

By Editors | 21/10/2019

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Enforcement

FSC Korea to Boost Supervisory Capacity to Prevent Mis-selling

By Editors | 21/10/2019

The FSC will reportedly increase the number of banking, financial investment and asset management experts it has on staff for inspections of banks, security firms and insurers.