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ENFORCEMENT
Enforcement
US SEC Fines Morgan Stanley Smith Barney Over Theft of Client Funds
By Thisanka Siripala | 11/12/2024
The SEC said the firm failed to prevent four financial advisors from misappropriating nearly $10mn of client funds.
Sanctions
OFAC Sanctions Chinese Cybersecurity Company and Employee
By Editors | 11/12/2024
OFAC said the employee was responsible for deploying malware to 81,000 firewalls owned by thousands of businesses worldwide in April 2020.
Enforcement
US Regulator Places Google Payment Corp Under Supervision
By Thisanka Siripala | 11/12/2024
Google Payment Corp says the consumer complaints cited by the CFPB are based on a discontinued service that no longer poses a risk.
Enforcement
US Lawmakers Allege Widespread Abuse of BSA for Surveillance
By Thisanka Siripala | 11/12/2024
The lawmakers say the government access to the private financial data of US citizens is “widespread and virtually unchecked”.
Enforcement
ASIC Calls on Government to Ban Unfair Trading in Financial Services
By Sanday Chongo Kabange | 10/12/2024
ASIC’s Alan Kirkland says the proposed ban is needed to combat “dark patterns” which “distort, subvert, and undermine consumer choice”.
Enforcement
FSC Korea Refers First Finfluencer Cases for Prosecution
By Editors | 09/12/2024
The FSC said the finfluencers pre-purchased stocks and then recommended and sold those stocks to their subscribers to make unfair profits.
Enforcement
HKMA Fines China CITIC Bank for Transaction Monitoring Deficiencies
By Sanday Chongo Kabange | 08/12/2024
The HKMA said 13 out of a total of 33 detection rules and two core model rules had not been implemented as intended.
Enforcement
SEBI Disposes of Proceedings Against Brickwork Ratings
By Editors | 07/12/2024
The settlement order requires Brickwork Ratings to pay a penalty. SEBI had previously cancelled the CRA’s licence but its order was overturned on appeal.
Enforcement
DOJ Settles With McKinsey Over South Africa Bribery Scheme
By Nithya Subramanian | 06/12/2024
McKinsey will pay $122mn to resolve an investigation into bribes paid to South African officials to secure lucrative consulting contracts.
Enforcement
ASIC Calls Out Breach Reporting Delays & Deficiencies
By Thisanka Siripala | 06/12/2024
A review of the compliance arrangements of 14 licensees identified delays and deficiencies in how they identify, escalate, and report breaches.
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