Enforcement

Enforcement

HK’s Financial Reporting Council to be Given Extended Powers

By Editors | 20/01/2018

Treasury for Financial Services and the Treasury says FRC to given independent oversight, inspection and disciplinary powers.

AML / KYC

US Fed Fines Taiwanese Bank $29mn for AML Failures

By Editors | 19/01/2018

US Federal Reserve Board cites deficiencies in Mega Bank’s operations, risk management and compliance controls in relation to AML and bank secrecy laws.

AML / KYC

Hong Kong SFC Looks to Optimise Enforcement Action

By Editors | 18/01/2018

New guidance removes threat of criminal prosecution in cases of “non-serious” regulatory breaches and cooperation ‘above and beyond’ regulatory obligations.

Enforcement

UPDATED – PwC Gets 2-Year Ban from Auditing Listed Firms in India

By Garima Chitkara | 15/01/2018

Ban relates to accounting fraud at software exporter Satyam Computer Services, where PwC was auditor.

Enforcement

The Return of ‘Super Alpha’ and Regulatory Arbitrage

By Peter Guy | 15/01/2018

The return of SAC Capital’s founder with a new venture reveals the complicated ethics of a post financial crisis world.

Enforcement

HK SFC Releases 1st MiC Regime Guidance Bulletin

By Editors | 20/12/2017

Report warns on conflicts of interest in sales practices and asset management; notes asset management sector now has more than half of all intermediaries.

AML / KYC

Singapore Issues 7th, 8th Bans Related to 1MDB Probe

By Editors | 20/12/2017

Yeo Jiawei, a former BSI wealth manager, gets lifetime ban to add to his convictions for 1MDB related money laundering, cheating and witness tampering.

Enforcement

Australian Banks Agree New Code of Conduct

By Editors | 20/12/2017

Code of conduct, which is awaiting approval by ASIC is legally binding in contracts with consumers, bans unsolicited credit card limit increases.

Enforcement

Standard Chartered Brokerage Arm Hit With $330,000 Fine

By Editors | 19/12/2017

SFC investigation reveals internal control failures resulted in at least 61 regulatory breaches involving short selling, required liquid capital deficit of HKD2 billion.