Enforcement

Taiwan FSC censured and demoted 54 managers at seven state banks for their involvement in a $679mn syndicated loan-fraud scandal.

The firm mistakenly paid out dividends worth 33 times its market cap; FSS will inspect how unauthorised ‘ghost stocks’ were sold by employees.

The company did not ensure customers had sufficient product information, failed to comply with rules on customer data, included misleading information in ads.

American convinced victim to make $600,000 investment with promise of 30% return, but instead transferred to Singapore account.

Ex head of equity markets at Malaysia’s largest bank also fined $250,000 for offences which occurred more than 10 years ago.

New FSS chief to protect investors and root out irregularities by targeting predatory lending, bank profit structures, family-run conglomerates.

Chinese authorities step up focus on the online asset management industry to clean up unlicensed firms.

PNB allegedly misled the regulator about the progress of its Swift integration. Indian law enforcement noted that an ill-defined risk-based supervisory approach may have caused the RBI to miss the fraud.

Sri Lanka’s financial crimes unit is investigating suspicious transactions originating from three Chinese-held accounts with LKR957 million.

Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts