Enforcement

Market Infrastructure

Hong Kong SFC Releases Further Details on Licensing Regime

By Garima Chitkara | 17/05/2018

SFC bulletin highlights areas of concern the regulator considers in granting and rejecting licenses as well as updates to MIC regime; SFC also announced a forthcoming thematic review of MIC regime compliance.

AML / KYC

ICBC’s US Securities Unit Fined $5.3mn for AML Failures

By Garima Chitkara | 17/05/2018

US regulator FINRA has fined ICBC Financial Services for failing to have an AML program in place; ICBC FS also settled a case with the US SEC, paying $860,000 for failing to report suspicious transactions in its penny stock trading business.

Enforcement

CSRC Hands Out $1.2bn in Penalties in Bumper Year

By Manesh Samtani | 15/05/2018

Regulator handed out penalties amounting to $1.19bn in 2017, an 80% increase from 2016; market bans involved 44 persons, the highest in recent years.

Capital / Liquidity

UPDATED – RBI Freezes Lending, Hiring at Indian Banks Amid Rising NPAs

By Garima Chitkara | 14/05/2018

Central bank imposes lending and hiring freeze on Dena Bank, a public sector bank that reported a four-fold increase in gross NPAs and negative ROA for the quarter ending March 2018.

Crypto / Digital Assets

UPDATED – S.Korea Expands Probe into Crypto Exchanges

By JP Reimann | 14/05/2018

South Korean prosecutors have raided the country’s largest cryptocurrency exchange UPbit, seizing hard drives and accounting books; second largest exchange Bithumb also on FSC radar.

AML / KYC

FSB Asia Members Consider Financial System Vulnerabilities

By JP Reimann | 13/05/2018

Members discussed bank resolution regimes, the use of tech to mitigate AML/CTF risk, governance frameworks to reduce misconduct.

Enforcement

SFC Signs Enhanced MoU on Cross Border Enforcement Cooperation

By JP Reimann | 13/05/2018

Enhanced IOSCO framework enables securities regulators to obtain and share audit working papers, telephone, internet records; compel attendance at interviews; provide guidance on freezing of assets.

Securities / Derivatives

S.Korea FSS Expands Inspections at Brokerages

By Manesh Samtani | 11/05/2018

The FSS will carry out on-site inspections at 32 brokerages and Koscom, following dividend error which saw Samsung Securities issue $100bn in ‘ghost stocks’ last month.

Enforcement

China Fines Three Banks a Combined CNY180 million

By Editors | 10/05/2018

China’s banking and insurance regulator has imposed fines on China Merchants Bank, Shanghai Pudong Development Bank and Industrial Bank for various violations.