Enforcement

Securities / Derivatives

S.Korea FSS Expands Inspections at Brokerages

By Manesh Samtani | 11/05/2018

The FSS will carry out on-site inspections at 32 brokerages and Koscom, following dividend error which saw Samsung Securities issue $100bn in ‘ghost stocks’ last month.

Enforcement

China Fines Three Banks a Combined CNY180 million

By Editors | 10/05/2018

China’s banking and insurance regulator has imposed fines on China Merchants Bank, Shanghai Pudong Development Bank and Industrial Bank for various violations.

AML / KYC

Australia to Combat ‘Black Economy’ by Restricting Cash Payments

By Garima Chitkara | 10/05/2018

Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.

Enforcement

CBA Settles Bank Rate Manipulation Charges for A$25mn

By Editors | 10/05/2018

The bank acknowledges it manipulated bank bill swap rates on five occasions and indulged in “unconscionable conduct” in its A$25 million settlement with ASIC.

Enforcement

FSB Issues Recommendations on Compensation Data Reporting

By Editors | 08/05/2018

Proposed data sets include questions for determining whether governance processes appropriately use compensation and incentive systems to promote good conduct, remediate undesirable conduct and support identification of emerging misconduct risk.

Enforcement

New Zealand Regulators Seek Assurances on Conduct, Culture

By Garima Chitkara | 07/05/2018

Banks write to regulators to assure them that issues raised during Australian Royal Commission are not as prevalent in New Zealand; regulators respond requesting more detailed response from individual banks.

AML / KYC

MAS Hits Former Credit Suisse Banker with Prohibition Orders

By Editors | 07/05/2018

Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.

Enforcement

Australia Authorises New Financial Complaints Body

By Garima Chitkara | 04/05/2018

The Australian Financial Complaints Authority, going into operation on 1 November this year, will focus on complaints by consumers and small businesses against financial firms.

Crypto / Digital Assets

ASIC Takes Aim at Misleading, Deceptive ICOs

By JP Reimann | 03/05/2018

Regulator warns that Australian corporate and consumer law applies, even for overseas ICOs, if Australian consumers are affected.