A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for 'swift action' including prosection.
Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.
The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.
Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.
SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.
The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.
Company executives will be removed and designated administrators will take over their duties. Optimus is accused of fabricating depository statements sent to brokers.
Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.
The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.
A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.
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