Enforcement

Enforcement

Systemic Enquiry into Financial System Not Required – New Zealand Regulators

By Garima Chitkara | 31/05/2018

RBNZ, FMA say so far no reason to conduct systemic investigation of financial industry’s conduct and culture; banks’ efforts at improving institutional conduct and culture will continue to be monitored.

Enforcement

SFC Fines Wealth Manager Noah Holdings for Internal Control Failures

By JP Reimann | 30/05/2018

The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.

Securities / Derivatives

S. Korea Announces Measures to Prevent Stock Trade Errors

By Manesh Samtani | 29/05/2018

Measures to prevent repeat of Samsung Securities dividend payout error include new real-time monitoring system, tighter controls at securities firms, tougher penalties.

Enforcement

Malaysia Adopts FSPB Professional Code for Finance Industry

By JP Reimann | 28/05/2018

The code aims to instil core minimum standards of conduct, enhance confidence, promote sustainability across financial sector by promoting strong culture of professionalism.

AML / KYC

Australia Consults on Cash Payment Limits

By Garima Chitkara | 28/05/2018

Government proposes limit of A$10,000 for cash payments to stamp out illegal payments and black economy; transactions exceeding limit must use electronic payments systems or cheques.

Enforcement

Australia Introduces Final Phase of ASIC Industry Funding Legislation

By Manesh Samtani | 28/05/2018

Final phase involves fees ASIC charges for specific activities such as licence or registration applications; industry funding model to commence 1 July 2018.

Enforcement

Mirae Chairman Steps Back from Management Amid Antitrust Probe

By Garima Chitkara | 28/05/2018

Park Hyeon-joo will head up the group’s global investment strategy even as the firm is under investigation for unfair trading practices.

Crypto / Digital Assets

MAS Warns Eight Crypto Exchanges, Halts ICO Issuer

By JP Reimann | 28/05/2018

Exchanges warned against facilitating trading in digital tokens which constitute securities or futures contracts without MAS authorisation; ICO representing equity ownership halted.

AML / KYC

S. Korean Banks’ AML Programmes Under US Regulatory Scrutiny

By JP Reimann | 23/05/2018

New York State Department of Financial Services to conduct inspections at South Korean bank branches for compliance with AML regulations.