Enforcement

Enforcement

PBOC Penalises Shanghai-based Payment Firms

By Manesh Samtani | 02/08/2018

Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.

Enforcement

ASIC Approves ABA Banking Code of Practice

By Garima Chitkara | 01/08/2018

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.

Enforcement

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.

Enforcement

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.

Enforcement

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.

Securities / Derivatives

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.

Enforcement

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.

Enforcement

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.

Enforcement

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.