Enforcement

Enforcement

Korea FSS Orders KakaoBank to Bolster AML Controls

By Editors | 18/11/2021

The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.

Enforcement

Chinese Court Rules Executives, Auditors Liable for Kangmei Fraud

By Darien Choong | 17/11/2021

Kangmei Pharmaceutical, its executives and auditors will be held fully liable for CNY 2.5bn of investor losses in China’s first ever class action against corporate fraud.

Enforcement

FSS Korea Fines Naver Financial for Data Security Failures

By Editors | 16/11/2021

The FSS fined Naver Financial and issued warnings against three executives for exposing its office intranet to external risks.

Enforcement

Korea FSS Punishes 3 Brokerages Over Lime Asset Mis-selling

By Editors | 16/11/2021

Shinhan Investment and KB Securities were ordered to suspend parts of their operations for six months. Daishin Securities was ordered to close a branch.

Enforcement

Bursa Malaysia Facing Legal Action from Listed Company

By Sanday Chongo Kabange | 14/11/2021

Oil and gas engineering group Serba Dinamik alleges Bursa was “acting in excess of power” by requiring the disclosure of findings from a special independent review.

AML / KYC

US Treasury Sanctions Cambodian Officials for Corruption

By Ranamita Chakraborty | 13/11/2021

Businesses in Cambodia are warned to “be mindful of interactions with entities in corrupt business practices, criminal activities and human rights abuses”.

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.