Enforcement

The bank has been reporting credit data to the JCIC incorrectly since December 2010, potentially impacting the credit scores of certain customers.

Tom Hayes told Bloomberg this week that efforts to replace LIBOR were pointless and that the rate was far safer now.

Woori Financial Group’s chairman may be suspended from his duties, while the Shinhan Bank’s chief executive may receive a reprimand warning.

The move follows a probe into dubious currency practices at eight major grain merchants in Asia, facilitated by six foreign banks.

Financial institutions are asked to use the case as a reference for improving their own consumer rights protection mechanisms.

The CBIRC said the bank did not properly protect its internal and wireless internet networks there was a risk of data leakage.

The former trader manipulated the price of 10-year swap spreads to reflect lower pricing of bonds and a related swap, at the expense of the issuer.

The ex-head of the CBIRC’s Shanxi bureau was expelled from the Communist Party and referred for criminal prosecution for suspected bribery.

The prosecution had accused the banker of employing the son of a client as a bribe to win IPO business for JP Morgan.

The probe is looking into possible offences under the Penal Code and the Securities and Futures Act by group companies belonging to CoAssets Ltd.