Enforcement

Enforcement

HK Court Orders Confiscation of HK$1.46m from Former UBS Exec

By Editors | 21/08/2019

The case relates to the 2017 conviction of a former UBS associate director for accepting over HK$1.4mn in bribes from a Shenzhen-based client.

Enforcement

ASIC to Initiate Legal Proceedings Against Banks Within “Weeks”

By Editors | 20/08/2019

In addition to the 13 referrals from the royal commission, ASIC has been investigating “three times as many” case studies with a view to initiating legal proceedings in the new few weeks.

Enforcement

Unauthorised New Zealand Adviser Faces Lengthy Jail Term

By Editors | 20/08/2019

A New Zealand court has reportedly convicted an unauthorised financial adviser of 38 charges relating to a long-running fraud which funded a lavish lifestyle of private jets and jewellery.

Enforcement

SFC, ICAC Formalise Cooperation Arrangement with MoU

By Editors | 20/08/2019

The MoU covers case referrals, joint investigations, the exchange and use of information, mutual provision of investigative assistance, and capacity building.

Market Infrastructure

Australia Accelerates Post Royal Commission Reform

By Editors | 20/08/2019

Under the government’s implementation roadmap, close to 90% of its remaining commitments will be implemented by mid-2020, and legislation for the rest will be introduced by end-2020.

AML / KYC

The Long Arm of the Law

By Eric A. Sohn | 19/08/2019

Eric A. Sohn at Dow Jones Risk & Compliance discusses the US’ ability to restrict a firm’s access to correspondent banking services and its financial markets.

Enforcement

Hong Kong Banks Under Scrutiny for Chinese Lending – Report

By Manesh Samtani | 16/08/2019

The HKMA has reportedly been investigating several Hong Kong lenders for financing large scale overseas asset purchases by Chinese conglomerates.

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.