ENFORCEMENT

    Enforcement

    SEBI Fines BSE, NSE for Failure to Detect Karvy Fraud

    By Editors | 17/04/2022

    Karvy Stock Broking misused INR 23 billion worth of securities belonging to more than 95,000 clients, pledging them with 8 banks to raise INR 8.5 billion for its own use.

    Enforcement

    Taiwan FSC Fines Cathay United Bank Over ATM Disruptions

    By Darien Choong | 14/04/2022

    The bank was fined, temporarily barred from setting up new ATMs, and required to increase its operational risk capital by 30 June.

    Enforcement

    Tokyo Prosecutors Indict SMBC Nikko Securities Deputy President

    By Editors | 14/04/2022

    The former deputy president is suspected of colluding with other staff to illegally manipulate stock prices to keep block trade deals with clients from falling through.

    Enforcement

    SFC Bans China Tonghai Securities Representative for 20 Months

    By Editors | 12/04/2022

    The representative conducted 1,089 trades in clients’ stock options accounts but was only given specific authorisation for 87 trades of the trades.

    Enforcement

    Shanghai Bourse Probes First STAR Market Securities Fraud Case

    By Editors | 12/04/2022

    An optical storage equipment supplier is being investigated for failing to disclose that it granted loans to shareholders and other entities in exchange for pledged assets.

    AML / KYC

    New York Court Convicts Ex-Goldman Exec in 1MDB Case

    By Editors | 11/04/2022

    Following an eight-week trial, former Goldman Sachs managing director Roger Ng was convicted on charges of bribery and money laundering. He faces up to 30 years in prison.

    Enforcement

    Westpac Super Trustee Fined for Overcharging Commissions

    By Editors | 10/04/2022

    On top of a A$20mn penalty, BT Funds Management will pay A$9.8mn in remediation to over 9.900 superannuation members.

    Enforcement

    ASIC Charges Firm for Offering Crypto Loans Without Credit Licence

    By Sanday Chongo Kabange | 09/04/2022

    ASIC has charged Helio Lending for falsely representing that it had a credit licence that allowed it to offer cryptocurrency-backed loans.

    Enforcement

    Singapore Court Upholds Convictions of Russian, Singapore Nationals

    By Editors | 08/04/2022

    The two men served as resident directors for companies, declaring themselves rather than their Russian clients as the beneficial owners.

    Enforcement

    Westpac Penalised in Consumer Credit Insurance Mis-selling Case

    By Editors | 08/04/2022

    Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.

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