ENFORCEMENT

Enforcement

FDIC Sues Former SVB Executives for Gross Negligence

By Thisanka Siripala | 18/01/2025

The FDIC says SVB’s management ignored fundamental banking standards and the bank’s own risk policies “in pursuit of short-term profit”.

Enforcement

Equifax Fined $15m Over Mishandled Consumer Disputes

By Nithya Subramanian | 18/01/2025

The CFPB said Equifax repeatedly failed to address consumer complaints about inaccuracies on their credit reports.

Enforcement

Former MUFG Bank Manager Arrested for Safe Deposit Box Thefts

By Thisanka Siripala | 18/01/2025

The former employee has reportedly admitted to the thefts, citing significant financial losses from FX trading and horse racing bets as her motive.

Enforcement

US SEC Fines Wells Fargo, Merrill Lynch Over Cash Sweep Programmes

By Nithya Subramanian | 17/01/2025

The Wells Fargo and Merrill Lynch units will pay $60mn for prioritising their own financial benefits over clients’ best interests.

Enforcement

SFC, HKEX Take Joint Action Against Listed Company, Former Directors

By Sanday Chongo Kabange | 17/01/2025

The SFC and HKEX said the former directors of mobile gaming company FingerTango misused IPO proceeds after the company went public in 2018

AML / KYC

Belgian Regulator Probes ING Over for Alleged AML Violations

By Nithya Subramanian | 17/01/2025

ING Bank allegedly delayed reporting suspicious financial activities linked to former European Commissioner Didier Reynders.

Enforcement

Korea FSS Launches Probe at IBK Over Fraudulent Loans

By Mark Johnston | 17/01/2025

Current and former employees of Industrial Bank of Korea allegedly participated in a KRW 23.95 billion fraudulent loan scheme

Enforcement

US OCC Fines Three Former Wells Fargo Execs for Misconduct

By Thisanka Siripala | 17/01/2025

The OCC’s penalties conclude enforcement proceedings against the last of 11 individuals involved in the fake-accounts scandal.

Enforcement

US SEC Fines BMO Capital Markets Over Bond Desk Supervision Failure

By Nithya Subramanian | 17/01/2025

The SEC said BMO Capital Markets failed to supervise employees who sold mortgage-backed bonds using misleading marketing practices.