Financial Crime

Fraud, Scams & Cybercrime

S. Korean Brokerage Employee Found Embezzling Customer Funds

By Manesh Samtani | 31/07/2018

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.

Conduct, Culture & Accountability

And Justice For All Banks

By Peter Guy | 30/07/2018

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.

Anti-Bribery & Corruption

China Jails Former CBRC Assistant Chairman on Bribery Charges

By Garima Chitkara | 30/07/2018

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.

Structural Regulation

China Amends Delisting Rules Amid Vaccines Scandal

By Manesh Samtani | 30/07/2018

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.

Market Abuse

S. Korea FSC Imposes Six Month Suspension on Samsung Securities

By Editors | 29/07/2018

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.

Fraud, Scams & Cybercrime

ASIC Imposes Lifetime Ban on Former Westpac Banker

By Editors | 28/07/2018

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.

Market Abuse

UPDATED – US SEC Intensifies Probe into India’s NYSE-Listed ICICI Bank

By Manesh Samtani | 28/07/2018

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.

Supervision & Enforcement

China Regulators Release First Half Enforcement Stats

By Manesh Samtani | 27/07/2018

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.

Liquidity Risk

China P2P Lending Sector Survival Relies on Better Regulation

By Peter Guy | 26/07/2018

P2P platform failures due to liquidity shortfalls have crippled a key source of retail credit for consumers and small businesses. The future of P2P lending in China. Regulators need to play a more dominant role in this growing and unruly industry to assure its survival.