Enforcement

Enforcement

SFC Fines Sincere Securities for Internal Control Failings

By Editors | 16/08/2019

The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.

Enforcement

FSS Korea to Probe Major Banks for Mis-sold Financial Products

By Editors | 14/08/2019

Woori, KEB Hana and Shinhan are subject to the FSS investigation for selling high-risk private equity investment products and derivative-linked securities.

Enforcement

ASIC Ordered to Pay Westpac Costs in Case Dismissal

By Manesh Samtani | 14/08/2019

In September, Westpac admitted to breaching responsible lending laws and agreed to a A$35mn settlement with ASIC. The settlement was rejected and the case has been dismissed.

Enforcement

CBIRC Fines WeBank $285m for Multiple Lending Violations

By Editors | 14/08/2019

An inspection last year found that some employees at the digital bank used consumer loans to invest in stock and futures trading.

AML / KYC

Malaysia Files Criminal Charges Against 17 Goldman Directors

By Editors | 12/08/2019

The current and former directors each face 1MDB-related charges carrying a maximum 10-year jail term and a minimum penalty of 1 million ringgit.

Enforcement

Another Former Huarong Executive Charged with Corruption

By Editors | 12/08/2019

The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.

Enforcement

CSRC Imposes Six-Month Business Restriction on GF Securities

By Editors | 09/08/2019

The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.

Enforcement

APRA Fines Westpac A$1.5mn for Late EFS Reporting

By Editors | 09/08/2019

Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.

AML / KYC

UN Report: North Korea Still Accessing International Financial System

By Editors | 09/08/2019

The report says North Korea has amassed $2bn from cyberattacks on banks and crypto exchanges, and that it has about 30 overseas representatives helping it evade sanctions.