All posts tagged "Internal controls"
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224Hong KongSFC Offers Brokers, Fund Managers Guidance on Risk Governance
Senior management, including the board, responsible officers and MICs will be held accountable for the overall risk management control of their firms.
January 21, 2020 -
218EnforcementTaiwan FSC Penalises Taichung Commercial Bank for Lax Controls
The bank and its insurance unit were fined for lax controls on entertainment spending and for awarding bonuses to sales staff who hadn't sold any products, among other failures.
January 13, 2020 -
228ChinaCSRC Issues Administrative Penalty Against Chinalin Securities
Chinalin Securities is prohibited from expanding the scale of its business for three months for violating regulations on internal controls, compliance inspections and governance failures.
January 8, 2020 -
235ChinaPBOC Issues Clarification on Transfer of Defaulted Interbank Bonds on Maturity
The PBOC has issued an announcement clarifying how defaulted bonds should bThe announcement is aimed at improving the disposal mechanism for interbank bonds that have defaulted on maturity or have matured early due to legal reasons such as bankruptcy.e handled...
January 7, 2020 -
809AML / KYCCBIRC Tightens Scrutiny of AML/CTF Programmes at Banks, Insurers
Banks and insurers are required to submit annual reports on their AML/CTF programmes within 20 working days after the end of each year. For 2019, the reports should be submitted by 15 February 2020.
January 6, 2020 -
381EnforcementSFC Fines Fidelity Unit for Unlicensed Futures Dealing
FIL Investment Management executed over 6,700 futures trades for overseas affiliates without a Type 2 licence, and delayed reporting the breach to the SFC.
December 31, 2019 -
427Australia & NZAPRA Imposes Licence Conditions on CBA-owned Avanteos Investments
CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.
December 13, 2019 -
382Capital Regulation
China Economy Still Resilient, Despite Risk Factors: PBOC
Financial risks have gradually shifted from rapid accumulation to high-level mitigation in the past few years, the PBOC says in its annual financial stability report.
November 27, 2019 -
565EnforcementUPDATED – South Korea Cracks Down on High-Risk Derivatives Sales
Penalties for mis-selling are being toughened to include fines up to 30 million won and punitive fines up to 50 percent of unfair gains. New standards for professional investors also established.
November 14, 2019 -
376EnforcementUBS to Pay HK$600m in Fines and Compensation for Overcharging Clients
The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.
November 12, 2019
