Enforcement

The breach included clients’ names, contact details, date of birth, bank account information, and identity verification documents of 750 clients.

One firm was fined KRW 360mn for failing to borrow KRW 13mn worth of stock prior to short-selling, a penalty of more than 27 times the amount short-sold.

In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.

Currently, unfair trading activities are punishable under criminal law, but prosecutions often take a long time due to the high burden of proof required.

OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.

The new SEC Act will allow for recognition of new categories of market intermediaries and introduce new enforcement mechanisms to deal with market misconduct.

Wirecard will be a compliance and audit training reference point for years to come, says compliance expert Oonagh van den Berg, recounting the warning signs in the years-long lead up to its collapse.

The FSC has also suspended the Shin Kong Life's chairman, who was responsible for the investment decisions that threatened the insurer's financial strength.

There was no evidence of client loss as a result of BEA’s regulatory breaches, and the bank has undergone remedial actions to enhance its internal systems and controls.

Chinese police say at least $2bn has been laundered to offshore gambling sites through fake e-commerce purchases and other methods.