Enforcement

Enforcement

MAS Reprimands Asset Manager for Late Regulatory Submissions

By Manesh Samtani | 08/07/2018

Annual declarations, auditor reports and director change notifications were submitted up to three years late by Taiyo Asset Management; director found guilty of misconduct for failure to implement compliance controls.

Enforcement

UPDATED – Former CSRC Vice Chairman Pleads Guilty to Bribery, Insider Trading

By Emma Zhou | 06/07/2018

Yao Gang charged with taking advantage of his position, accepting money and gifts, and insider trading; two other CSRC officials also charged

Enforcement

Two Former NAB Employees Receive Lifetime Ban for Loan Fraud

By Emma Zhou | 06/07/2018

ASIC investigation revealed the two provided false payslips and letters of employment, among other documents, in support of loan applications.

Enforcement

New Zealand Court Jails Ponzi Scheme Operator for 7.5 Years

By Manesh Samtani | 05/07/2018

Over 900 investors were persuaded to invest over NZ$8mn with registered foreign exchange provider BlackfortFX, though the firm did not conduct any investment activity.

AML / KYC

CBA Faces Investor Class Action

By Garima Chitkara | 04/07/2018

The Commonwealth Bank of Australia is being sued by a class of investors backed by large institutional investors in Australia, Europe and North America for disclosure failures that artificially inflated the bank’s share price.

Enforcement

Former Vietnamese Central Banker Sentenced To Three Year Jail Term

By Garima Chitkara | 04/07/2018

Former SBV deputy governor received a three year jail sentence for his role in a mismanagement and loan underwriting scandal that led to losses of $655 million at Vietnam Construction Bank

Enforcement

India Cracks Down on Bank Auditors

By Garima Chitkara | 02/07/2018

RBI has introduced a framework to define lapses in bank auditor conduct and reporting as well as enforcement action to be taken as a result of such lapses.

Enforcement

S. Korea Investigates Three Banks for Loan Rate Manipulation

By Garima Chitkara | 28/06/2018

Citibank Korea, BNK Kyongnam Bank and KEB Hana Bank are being investigated by FSS over allegedly manipulating loan rates to overcharge retail borrowers.

AML / KYC

Non-EU Markets Regulators Seek Formal GDPR Exemptions – Report

By Manesh Samtani | 28/06/2018

New EU data privacy law could put cross-border investigations in jeopardy, leading non-EU regulators including Japan’s FSA and Hong Kong’s SFC to press for formal clarification on application of cross-border information sharing exemptions.