Enforcement

Whistleblowers reportedly claim that Standard Chartered Bank cleared more transactions in violation of Iran sanctions than the US government had used as its basis for fines issued in April.

The Insurance Authority is delegating inspection and investigation powers to the HKMA in relation to insurance related business conducted by authorised institutions.

The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.

Following a similar report from Punjab National Bank earlier this month, Allahabad Bank has reported a $258mn fraud at Bhushan Power & Steel.

Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.

Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.

Chinese investigators are said to be targeting Liu's affiliates for suspicious dealings involving investments in high yield wealth management products provided by ICBC Shanghai.

KRX found that over an eight-month period, Merrill Lynch's Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.

Nomura Securities International has agreed to repay approximately $25mn to affected customers and $1.5mn in SEC fines to settle the charges.

Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.