Enforcement

Capital / Liquidity

Allahabad Bank Reports $258mn Fraud by Indian Steelmaker

By Editors | 17/07/2019

Following a similar report from Punjab National Bank earlier this month, Allahabad Bank has reported a $258mn fraud at Bhushan Power & Steel.

Enforcement

Over 35,000 Complaints Received in Six Months: AFCA

By Editors | 17/07/2019

Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.

Enforcement

Singapore Loansharking Raids Result in 129 Arrests

By Editors | 17/07/2019

Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.

Enforcement

ICBC Graft Probe Linked to Ex-CSRC Chief Liu Shiyu – Report

By Editors | 17/07/2019

Chinese investigators are said to be targeting Liu’s affiliates for suspicious dealings involving investments in high yield wealth management products provided by ICBC Shanghai.

Enforcement

KRX Fines Merrill Lynch for High-Frequency Trading Activities

By Editors | 17/07/2019

KRX found that over an eight-month period, Merrill Lynch’s Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.

Enforcement

US SEC Penalises Nomura for Mis-sold Mortgage Backed Securities

By Editors | 17/07/2019

Nomura Securities International has agreed to repay approximately $25mn to affected customers and $1.5mn in SEC fines to settle the charges.

Enforcement

SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls

By Editors | 16/07/2019

Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.

Enforcement

Korea Exchange Fined for Making False Statement to CFTC

By Editors | 14/07/2019

The CFTC found that KRX failed to disclose that it was not in compliance with a requirement to use daily stress tests to evaluate the sufficiency of its financial resources.

AML / KYC

US Authorities Probe Deutsche Bank Dealings With 1MDB

By Editors | 13/07/2019

The DOJ probe is looking into whether Deutsche Bank failed to comply with US AML or foreign bribery laws in the course of raising $1.2bn for 1MDB in 2014.