Enforcement

Enforcement

ASIC Penalises Credit Suisse for Breaching Trading Rules

By Editors | 05/07/2020

Credit Suisse did not match client orders for on-market buy-backs on an order book as is required by ASIC’s market integrity rules.

AML / KYC

Global Banks Seek Clarity on ‘Hong Kong Autonomy Act’

By Editors | 05/07/2020

Under the legislation, banks can be penalised for conducting a ‘significant transaction’ with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.

Enforcement

S. Korean Regulators to Probe All Private Fund Operators

By Manesh Samtani | 04/07/2020

A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for ‘swift action’ including prosection.

AML / KYC

Singapore Authorities Probe Two Companies with Wirecard Links

By Editors | 04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

Enforcement

CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts

By Editors | 04/07/2020

The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.

AML / KYC

BCBS Updates AML Guidance to Advance Supervisory Cooperation

By Editors | 02/07/2020

Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.

Enforcement

SocGen Australia Pleads Guilty to Client Money Offences

By Editors | 02/07/2020

SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

Enforcement

FSC Korea Introduces Legislative Revisions on Predatory Lending

By Editors | 02/07/2020

The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.

Enforcement

Korea: Optimus Asset Management Ordered to Suspend Business

By Editors | 01/07/2020

Company executives will be removed and designated administrators will take over their duties. Optimus is accused of fabricating depository statements sent to brokers.