Enforcement

An FSS probe into alleged unfair trading has triggered investor redemptions which Lime Asset Management has not been able to meet.

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.

The former banker allegedly told his victims their funds would be placed as fixed deposits or in financial products, resulting in client losses over S$1.9mn.

Two former directors of proprietary trading company Joerik Financial were jailed for fraud and dishonest conduct in relation to the trading of futures contracts.

South Korean crypto exchange CoinOne has been ordered to repay a client after a hacker who stole his login information was able to withdraw 25mn won over the withdrawal limit.

Liu Shiyu has been removed from his government post and had his illegal gains confiscated, but he will remain a member of the CCP due to his cooperation in the probe.

The SFC has reprimanded and fined SEAVI Advent Ocean Private Equity for allowing unlicensed individuals to perform regulated functions, in breach of the Code of Conduct.

Combined with what has already been set aside, the new A$832mn in provisions for customer-related remediation brings total provisioning to over A$2bn.

PMC Bank's now-suspended managing director has reportedly confessed that the bank's loan exposures went unreported for over six years.

New legislation to implement the regime is expected by year-end, empowering the FMA with stronger enforcement tools and the ability to impose higher penalties for conduct breaches.