Enforcement

Crypto / Digital Assets

Korea: New FSC, FSS Chiefs to Prioritise Stability, Growth

By Mark Johnston | 20/06/2022

The FSS will be led by former prosecutor Lee Bok-hyun, while the FSC will be led by Kim Joo-hyun, who helped guide Korea through the 2008 crisis.

Enforcement

US Regulators Probe Celsius Suspension of Crypto Withdrawals

By Editors | 20/06/2022

Withdrawals have been suspended one week. Celsius says it is continuing efforts to stabilise its liquidity and operations, and that the process “will take time”.

Enforcement

Malaysia SC Charges Former Investment Banker for Deception

By Editors | 19/06/2022

The former Hong Leong investment banker deceived four investors into investing in investment schemes that in reality did not exist, the SC said.

Enforcement

Australia: Allianz, AWP Plead Guilty for Making False Statements

By Editors | 19/06/2022

Charges were filed against Allianz Australia Insurance and AWP Australia in February last year.

Enforcement

Australian Court Fines Money Transfer Firm for Exchange Rate Fixing

By Editors | 18/06/2022

Four individuals were also sentenced to jail on criminal cartel charges, but they were released on good behaviour bonds.

AML / KYC

SFC Fines China Everbright Securities for AML/CFT Violations

By Editors | 16/06/2022

Unrelated clients received deposits from the same third party within four days, and then used the funds to trade in the same stock.

Enforcement

US SEC Penalises Schwab Over Robo-Adviser Disclosures

By Editors | 16/06/2022

High cash balances resulted in lower returns for robo-adviser clients.  The effect of this “cash drag” was not disclosed to clients, the SEC said.

AML / KYC

UK OFSI Gets Stronger Powers to Punish Sanctions Breaches

By Editors | 16/06/2022

OFSI will no longer have to prove a person had knowledge or reasonable cause to suspect they were in breach of sanctions to impose a civil penalty.

Enforcement

NZ FMA Fines Cigna for ANZ Product Distribution Failures

By Editors | 15/06/2022

ANZ was fined last year for making misleading representations when distributing CCRI policies, many of which were issued by Cigna and OnePath.