Enforcement

Enforcement

S.Korea FSS Chief Resigns Just Weeks into The Job

By Editors | 19/04/2018

Election watchdog finds governor Kim Ki-sik in violation of laws for overseas trips sponsored by financial institutions and political donations.

Enforcement

Australia Royal Commission Finds AMP Repeatedly Deceived Regulator

By Manesh Samtani | 19/04/2018

Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.

Enforcement

SFC Reprimands, Fines Nomura’s Instinet $2.2mn

By Editors | 16/04/2018

The firm failed to put in place reasonable controls to ensure non-proprietary orders received execution priority, prevent erroneous and disorderly orders being sent to the market.

Enforcement

CBA, ANZ to Pay Compensation for Missing Financial Advice Records

By Editors | 16/04/2018

CBA and ANZ to pay $69mn and $36.4mn compensation, respectively, for failing to provide documentation of annual customer reviews.

Enforcement

Vietnam Investigating $660mn Cryptocurrency Fraud

By Samuel Riding | 16/04/2018

Central bank concerned up to 32,000 people have been defrauded; Prime Minister urges regulators to ‘toughen management’ of cryptocurrency activity.

Enforcement

S.Korea Launches Bribery Probe into New FSS Chief

By Manesh Samtani | 15/04/2018

Prosecutors on Friday raided KRX and Woori Bank, two of the institutions that allegedly paid for Kim Ki-sik’s 2014 an 2015 overseas trips.

Capital / Liquidity

RBI Fines IDBI Bank for Bad Loan Provisioning Failures

By Garima Chitkara | 13/04/2018

RBI fines state-owned lender IDBI Bank INR30 million for non-compliance with bad loan recognition and provisioning norms; ruling will not have a material impact on the bank, said IDBI.

Enforcement

Taiwan Regulator Censures 54 Managers at State Owned Banks

By Editors | 12/04/2018

Taiwan FSC censured and demoted 54 managers at seven state banks for their involvement in a $679mn syndicated loan-fraud scandal.

Enforcement

Samsung Securities Dividend Error Prompts Industry Wide Probe

By Manesh Samtani | 12/04/2018

The firm mistakenly paid out dividends worth 33 times its market cap; FSS will inspect how unauthorised ‘ghost stocks’ were sold by employees.