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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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