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Enforcement
Enforcement
UK CMA Orders HSBC to Remedy Breaches of Open Banking Rules
By Editors | 27/07/2024
The CMA said Lloyds, TSB and AIB also breached the open banking rules, but the breaches were less extensive and are being addressed.
Enforcement
OFAC Fines State Street for Sanctions Violations by Subsidiary
By Editors | 27/07/2024
Charles River Systems, acquired by State Street in 2018, redated and reissued invoices for Sberbank and VTB Bank subsidiaries to circumvent sanctions restrictions.
Enforcement
MAS Issues New Guidance on Prohibition Orders Under FSMA
By Ranamita Chakraborty | 26/07/2024
The new PO regime will be brought into effect on 31 July as part of the third phase of implementing the Financial Services and Markets Act, which passed into law in April 2022.
Crypto / Digital Assets
UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches
By Editors | 26/07/2024
The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.
Securities / Derivatives
ASIC Files Lawsuit Against COFCO for Wheat Futures Manipulation
By Nithya Subramanian | 26/07/2024
ASIC alleged that COFCO manipulated contracts by placing orders shortly before the market close, creating an artificial daily settlement price.
AML / KYC
US, UK, South Korea Warn of DPRK Espionage Campaign
By Editors | 26/07/2024
Joint advisory says North Korean hacker group ‘Andariel’ is a threat to entities in the US, UK, South Korea, Japan and India.
Enforcement
Korea FSS Takes Action Against BNK Financial Group, Busan Bank
By Editors | 26/07/2024
The FSS found that executives and employees of both companies manipulated BNK Financial’s stock price when going through the process of a paid-in capital increase.
Enforcement
Korea FSS Considers New Rules to Prevent Mis-selling
By Editors | 25/07/2024
Measures being considered would require banks to separate their sales channels for high-risk products from deposits and installment savings counters.
Enforcement
China Establishes Anti-Corruption Body for Financial Sector
By Editors | 25/07/2024
The CCDI announced the establishment of a dedicated disciplinary body to tackle corruption in the financial sector.
Enforcement
MAS Cancels Insurance Broker’s Registration for Regulatory Breaches
By Nithya Subramanian | 25/07/2024
Acesynergy Brokers failed to comply with applicable regulatory requirements, registration conditions, and written directions from MAS.
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