All posts tagged "Internal controls"
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443KoreaFSS to Relaunch Inspections of Financial Firms This Month
The FSS will look into corporate governance, internal controls and consumer protection practices at KB Financial Group, KB Kookmin Bank and KB Securities, among others.
May 2, 2019 -
484AML / KYCJapan FSA Raids Two Crypto Exchanges to Check Compliance
The FSA reportedly wants to ensure appropriate measures have been implemented for customer protection and legal compliance after recent management changes.
April 25, 2019 -
431ChinaGoldman, Gao Hua Securities Agree to $22.3m CSRC Settlement
Goldman Sachs and its Chinese partner Gao Hua Securities have agreed to an administrative settlement of 150 million yuan for internal control breaches.
April 24, 2019 -
667AML / KYCStandard Chartered Fined Over $1bn by US, UK Authorities
Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.
April 11, 2019 -
378Fintech / Regtech
Korea FSS to Facilitate ‘Responsible’ Innovation by Foreign Firms
FSS governor Yoon Suk Heun urged foreign financial firms to bring in "a new wave" of financial inclusion and responsible innovation to spur sustainable growth in Korea’s financial industry.
April 9, 2019 -
514EnforcementSFC Fines BOCI Securities for ‘Systemic Deficiencies’ in Selling Practices
BOCI Securities failed to comply with requirements relating to client profiling, product due diligence, and suitability assessment in its sale and distribution of investment products.
March 19, 2019 -
1.7KAML / KYCChina Strengthens AML/CFT Regime with New Guidance
CBIRC has released guidance to help financial institutions improve AML/CFT controls, on the heels of recent news that PBOC is scrapping its approval process for corporate accounts.
February 22, 2019 -
783AML / KYCSFC Fines Guosen Securities $1.94mn for AML Breaches
The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.
February 19, 2019 -
495AML / KYCChina’s NIFA Launches AML/CTF Monitoring Platform for Online FIs
Online financial institutions including those engaged in online lending, equity crowdfunding, fund sales and consumer finance are required to register on the platform by 31 January.
January 16, 2019 -
411Capital RegulationSFC Fines FWD Life for Noncompliance with Key Personnel Requirements
FWD Life also failed to maintain satisfactory internal controls and written compliance procedures as required under the SFC Code on MPF Products and the Fund Manager Code of Conduct.
January 9, 2019
