Enforcement

Enforcement

SFC Bans Two Ex-Licensees Over Use of Client Accounts

By Editors | 12/11/2021

One former representative effected discretionary trades in clients’ accounts without authorisation. The other traded his own stocks from a client’s accounts.

Enforcement

FSS Faces Criticism Over Revamp of Supervisory Approach

By Editors | 11/11/2021

South Korea’s FSS will shift focus from disciplinary actions to risk prevention, according to FSS governor Jeong Eun-bo.

Enforcement

SAFE Issues Guidance on Penalties for Forex Rule Violations

By Darien Choong | 11/11/2021

Directors and senior managers of financial institutions that deliberately violate the regulations can be fined between CNY 50,000 and CNY 500,000.

Enforcement

US Treasury Announces New Ransomware-related Sanctions

By Manesh Samtani | 09/11/2021

The US Treasury Department, OFAC, State Department, DOJ, and FinCEN have taken coordinated action to counter the ransomware threat.

Enforcement

NZ FMA Expects Proactive Self-reporting of Misconduct Issues

By Editors | 08/11/2021

The minimum expectation for good conduct risk management is for firms to self-report potential breaches to the FMA, said acting general counsel Karen Chang.

AML / KYC

CCDI Draws Lessons on Corruption from Ex-ICBC Bankers

By Darien Choong | 08/11/2021

The two ex-bankers have relaxed risk controls and used customised rules to facilitate loan approvals for certain borrowers in exchange for bribes.

Enforcement

Prosecutors Abandon Criminal Cartel Case Against ANZ

By Editors | 07/11/2021

Prosecutors have decided to abandon the case against ANZ after being asked to refile their indictment a third time. The cases against Deutsche Bank and Citi will proceed.

AML / KYC

CCDI Official Offers Glimpse of PBOC-linked Corruption Cases

By Darien Choong | 07/11/2021

Financial corruption and financial risks are intertwined, said senior inspector Xu Jiaai, speaking about corruption cases involving PBOC officials.

Enforcement

FCA Bans Ex-Barclays Banker for Life Over EURIBOR Rigging

By Editors | 07/11/2021

The decision comes after the former banker lost an attempt to overturn his 2019 conviction and sentencing to five years in prison.