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Capital / Liquidity
Korea FSS Directs Kakao Bank to Enhance Risk Management
By Editors | 21/12/2020
Kakao Bank is directed to set up an effective emergency plan for responding to a crisis, including detailed financing options to deal potential capital shortfalls.
Enforcement
US SEC Penalises Robinhood $65m for Misleading Customers
By Sanday Chongo Kabange | 21/12/2020
The SEC said Robinhood misled customers into believing trading was commission free, while it executed customers’ orders at inferior trade prices costing them $34mn.
Enforcement
Taiwan Addresses Bank Misconduct With Higher Penalties: Fitch
By Editors | 17/12/2020
Banks are expected to work to strengthen their risk controls, particularly around wealth management to avoid penalties and preserve their corporate governance rankings.
Enforcement
US SEC Settles Luckin Coffee Fraud Charges for $180m
By Editors | 17/12/2020
Luckin materially misstated its revenue, expenses, and net operating loss to falsely appear to achieve rapid growth and increased profitability, the SEC said.
Enforcement
CSRC Suspends Credit Rating Agency, Orders Improvements
By Editors | 16/12/2020
The rating agency has been asked to carry out a comprehensive rectification programme, strengthen internal controls, and improve the quality of its ratings.
Enforcement
ASIC Sues Three Firms For Illicitly Offering FX Margin Trading
By Sanday Chongo Kabange | 15/12/2020
ASIC alleges Union Standard provided trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those products.
Capital / Liquidity
APRA Lowers Allianz Capital Charge to Reflect Better Risk Governance
By Editors | 10/12/2020
In recognition of progress to address risk governance issues, APRA has reduced Allianz’s additional capital requirement from A$250mn to A$150mn.
Big Picture
APAC Overtook US in AML Penalties For 2020: Fenergo
By Editors | 10/12/2020
APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.
Enforcement
Singapore Authorities Issue More Charges in Wirecard Probe
By Editors | 09/12/2020
The director of local accounting firm Citadelle Corporate Services was hit with three additional charges for falsifying letters confirming Wirecard cash balances.
AML / KYC
US Sanctions Another 14 Chinese Officials Over Hong Kong
By Editors | 08/12/2020
A Chinese foreign ministry spokesperson said Beijing would take “firm counter-measures against the malicious actions by the US”.
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