ENFORCEMENT

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.