ENFORCEMENT

Enforcement

RBI Imposes Monetary Penalty on Citibank India

By Editors | 14/01/2019

The ₹30mn penalty is based on deficiencies in regulatory compliance related to ‘fit and proper’ requirements for bank directors.

AML / KYC

Philippine Court Rules in First Conviction in Bangladesh Bank Heist Case

By Garima Chitkara | 11/01/2019

Former RCBC bank manager Maia Santos-Deguito faces 49 years imprisonment and fines of up to $110mn for her role in the February 2016 theft of $81mn from Bangladesh’s central bank.

Capital / Liquidity

SFC Fines FWD Life for Noncompliance with Key Personnel Requirements

By Editors | 09/01/2019

FWD Life also failed to maintain satisfactory internal controls and written compliance procedures as required under the SFC Code on MPF Products and the Fund Manager Code of Conduct.

Enforcement

China Securities Regulator Breaks Record with 2018 Penalties

By Editors | 08/01/2019

The CSRC imposed fines of over $1.55bn in 2018, with the largest number of cases relating to insider trading, illegal disclosures and market manipulation.

AML / KYC

JPMorgan Hong Kong Fined for Inadequate AML/CTF Controls

By Editors | 30/12/2018

An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.

Enforcement

Hong Kong Asset Manager Fined for Wash Trading

By Editors | 28/12/2018

The asset management firm was both the buyer and seller in a transaction between two of its brokers, which the SFC deemed was a wash trade.

Enforcement

S. Korea’s Largest Crypto Exchange Accused of Inflating Volumes, Prices

By Editors | 27/12/2018

South Korea’s Upbit is alleged to have used bots to manipulate trading volumes and prices to attract investors to the exchange. Two officers and an employee have been indicted.

Market Infrastructure

KRX May Face CFTC Penalty for Violating CCP Rules – Report

By Editors | 21/12/2018

Korean media reports indicate the CFTC may take action against KRX as early as this month in response to its failures to comply with regulations for CCPs.

AML / KYC

MAS Extends Prohibition Against Goldman’s Leissner to Lifetime Ban

By Editors | 20/12/2018

The March 2017 prohibition order barring former banker Tim Leissner for 10 years was based on limited information; US DOJ charges provided evidence of his involvement in 1MDB fund flows.