Enforcement

Enforcement

SFC Fines GEO Securities for Breaching Licence Conditions

By Editors | 25/03/2021

The firm also did not have effective controls in place for product due diligence, client risk tolerance assessment, and record-keeping.

Enforcement

DOJ to Probe Visa Over Debit Card Routing Practices

By Ranamita Chakraborty | 24/03/2021

Visa is alleged to have engaged in anti-competitive practices by preventing merchants from routing payments through other card networks.

Capital / Liquidity

RBNZ Orders Westpac NZ to Address Risk Governance Issues

By Ranamita Chakraborty | 24/03/2021

Westpac’s New Zealand unit breached the RBNZ’s liquidity policy by incorrectly calculating mismatch ratios.

Enforcement

Japan FSA to Inspect Mizuho Over System Failures

By Ranamita Chakraborty | 24/03/2021

The FSA will consider whether to take disciplinary action such as issuing a business improvement order against the bank.

Crypto / Digital Assets

CFTC Penalises Coinbase for False Reporting, Wash Trading

By Editors | 23/03/2021

The settlement requires Coinbase to pay $6.5mn, and desist from any further violations of the Commodity Exchange Act or CFTC regulations.

Enforcement

Former Fed Employee Pleads Guilty to Stealing Bank Stress Test Data

By Sanday Chongo Kabange | 23/03/2021

The former employee faces jail time for removing restricted documents from his workstation, including proprietary information used by the Fed to conduct bank stress tests.

AML / KYC

Beijing Financial Court Created to Counter US Long Arm Jurisdiction

By Sanday Chongo Kabange | 23/03/2021

The extraterritorial application of China’s financial laws will play a bigger role in opening up the domestic market, the Supreme People’s Court said.

Enforcement

Malaysia SC Probes Share Disposals by AmBank Execs

By Sanday Chongo Kabange | 23/03/2021

Seven executives sold a combined MYR 1.63 million in shares on the same two days in December, just two months ahead of AmBank’s 1MDB settlement.

Enforcement

CBA, ANZ to Settle 2016 Lawsuit Involving BBSW Manipulation

By Editors | 23/03/2021

The case was initially launched by two US hedge funds and a US-based derivatives trader, alleging they suffered losses due to bank manipulation of the BBSW.