Enforcement

Park Hyeon-joo will head up the group’s global investment strategy even as the firm is under investigation for unfair trading practices.

Exchanges warned against facilitating trading in digital tokens which constitute securities or futures contracts without MAS authorisation; ICO representing equity ownership halted.

New York State Department of Financial Services to conduct inspections at South Korean bank branches for compliance with AML regulations.

The regulator fined Citigroup for due diligence and staff supervision failures relating to IPO work in 2009; no constraints placed on its business activities.

SFC bulletin highlights areas of concern the regulator considers in granting and rejecting licenses as well as updates to MIC regime; SFC also announced a forthcoming thematic review of MIC regime compliance.

US regulator FINRA has fined ICBC Financial Services for failing to have an AML program in place; ICBC FS also settled a case with the US SEC, paying $860,000 for failing to report suspicious transactions in its penny stock trading...

Regulator handed out penalties amounting to $1.19bn in 2017, an 80% increase from 2016; market bans involved 44 persons, the highest in recent years.

Central bank imposes lending and hiring freeze on Dena Bank, a public sector bank that reported a four-fold increase in gross NPAs and negative ROA for the quarter ending March 2018.

South Korean prosecutors have raided the country’s largest cryptocurrency exchange UPbit, seizing hard drives and accounting books; second largest exchange Bithumb also on FSC radar.

Members discussed bank resolution regimes, the use of tech to mitigate AML/CTF risk, governance frameworks to reduce misconduct.