Enforcement

Alipay, Union Mobile Financial Technology, and Gopay.com were fined more than a combined $11 million for various breaches in payment services regulation.

If banks are serious about avoiding future fines and losses, the solution lies first and foremost in developing a robust risk culture across the entire organisation.

The MSEI is under investigation by the government of India and SEBI for alleged fraud and mismanagement, and has hired a forensic auditor to look into the allegations made by two whistleblowers.

Paytm and Fino Payments Bank have been barred from accepting new clients due to the RBI's concerns about their adherence to KYC/AML norms.

Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.

New banking code expands legal protections for small business borrowers and retail customers; signatory banks have until July 2019 to implement the Code, but some are expected to be compliant earlier.

KB Securities IT department employee siphoned over $320,000 from inactive customer accounts to clear personal debts, raising concerns about internal monitoring at South Korean brokerages.

Directly fining banks for the misdeeds of former executives has proven to be unproductive. Yet, determining personal liability for individual bank officers continues to be an elusive and difficult task.

Yang Jiacai, found guilty of accepting bribes worth ¥23mn and withholding information about ¥31.16bn in income and property, was sentenced to 16 years in prison and fined ¥2mn.

Any company involved in illegal activities, disclosure rule violations, or whose action threatens public health, national or ecological security will face compulsory delisting from domestic exchanges.