New banking code expands legal protections for small business borrowers and retail customers; signatory banks have until July 2019 to implement the Code, but some are expected to be compliant earlier.
KB Securities IT department employee siphoned over $320,000 from inactive customer accounts to clear personal debts, raising concerns about internal monitoring at South Korean brokerages.
Directly fining banks for the misdeeds of former executives has proven to be unproductive. Yet, determining personal liability for individual bank officers continues to be an elusive and difficult task.
Yang Jiacai, found guilty of accepting bribes worth ¥23mn and withholding information about ¥31.16bn in income and property, was sentenced to 16 years in prison and fined ¥2mn.
Any company involved in illegal activities, disclosure rule violations, or whose action threatens public health, national or ecological security will face compulsory delisting from domestic exchanges.
A result of April's dividend payout error, Samsung Securities has been barred from accepting new clients for six months and order to suspend its chief executive, who has instead resigned.
Former premium banking relationship manager shared personal client information with external third parties, and "knowingly or recklessly" submitted false supporting documents to help clients obtain home loans.
SEC officials have questioned two of the bank's top executives on whistle blower allegations that loan provisioning was unfairly delayed to inflate profits by $1.3bn over eight years.
During H1 2018, CBIRC fined 798 banks and banned 175 banker as part of its crackdown on risk; meanwhile, CSRC launched 307 investigations and initiated 108 new cases.
SEBI chairman asked fund managers to ensure they are safeguarding investor interests while highlighting lapses involving dividends that were distributed without the consent of board trustees.
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