ENFORCEMENT

    Enforcement

    Leaked Report Reveals Credit Suisse Culpability in Lescaudron Fraud

    By Sanday Chongo Kabange | 09/02/2021

    The case involved Patrice Lescaudron, a French banker who was jailed for defrauding clients in 2018 before committing suicide last year following his early release.

    Enforcement

    FINRA Fines HSBC Securities Over Employee Screening Failures

    By Editors | 09/02/2021

    FINRA fined HSBC Securities $650,000 for failing to screen 2,191 non-registered associated persons for statutory disqualification.

    Enforcement

    Luckin Coffee Files for Bankruptcy to Facilitate Restructuring

    By Editors | 08/02/2021

    Luckin said it will continue to pay suppliers, vendors and employees while it negotiates with its stakeholders regarding a restructuring of its financial obligations.

    Enforcement

    Korea FSS Seeks Prosecution of Hana Financial CEO

    By Editors | 08/02/2021

    The regulator said it discovered illegal trading activities by CEO Lee Jin-kuk during an inspection of Hana Financial Investment last year.

    Enforcement

    Foreign Banks Penalised in Taiwan for Facilitating FX Speculation

    By Editors | 08/02/2021

    Deutsche Bank is permanently banned from trading TWD deliverable and non-deliverable forwards. ING, ANZ and Citi received lesser punishments.

    Crypto / Digital Assets

    SEC Thailand Orders Crypto Exchange to Suspend Client Onboarding

    By Ranamita Chakraborty | 08/02/2021

    Bitkub needs to address five major issues before it can resume onboarding new clients, after high volume trading disrupted its systems in January.

    Enforcement

    ASIC to Consider Enforcement Action for Climate Risk Disclosure Failures

    By Ranamita Chakraborty | 07/02/2021

    ASIC says the law requires climate risk to be included in OFR disclosures, particularly when it is a material risk that could affect financial performance.

    AML / KYC

    Greater Bay Regulators Sign MoU on Wealth Management Connect

    By Manesh Samtani | 07/02/2021

    The regulators agree to issue guidance to banks on product due diligence, investor protection, AML/CFT requirements and personal data protection, among other areas.

    Enforcement

    FSC Penalises Citibank Taiwan Over Reporting Errors

    By Editors | 05/02/2021

    The bank has been reporting credit data to the JCIC incorrectly since December 2010, potentially impacting the credit scores of certain customers.

    Enforcement

    London Trader Jailed for LIBOR Manipulation Released

    By Editors | 05/02/2021

    Tom Hayes told Bloomberg this week that efforts to replace LIBOR were pointless and that the rate was far safer now.

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