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Enforcement
SEBI, US SEC Probe IT Major Infosys for “Unethical Practices”
By Editors | 28/10/2019
SEBI and the US SEC are probing Infosys after whistleblowers alleged costs were under-reported to inflate profits and “critical information” was hidden from auditors and the board.
Enforcement
ICAC Charges Two for Conspiracy to Defraud Five HK Banks
By Editors | 28/10/2019
Two operators of an SME conspired to defraud DBS Bank, HSBC, ICBC, Dah Sing Bank, Wing Hang Bank, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.
Enforcement
ACCC Mortgage Pricing Inquiry to Extend Beyond Mortgage Pricing
By Editors | 24/10/2019
ACCC chairman Rod Sims reportedly told a parliamentary hearing that bundling products such as credit cards and insurance would form part of the agency’s inquiry.
AML / KYC
Three Indonesians Charged with Terrorism Financing in Singapore
By Editors | 24/10/2019
The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.
Enforcement
UBS Identifies ‘Inappropriate Spreads’ Charged to HK, SG Clients
By Editors | 24/10/2019
UBS may have charged some wealth management clients booked in Hong Kong and Singapore ‘inappropriate spreads’ on debt securities transactions between 2008 and 2015.
Enforcement
JPM, SocGen Earned $6.8mn on Money-Losing DLFs Sold in Korea
By Editors | 23/10/2019
FSS data shows that JP Morgan Chase and Société Générale earned nearly $6.8mn from the high-risk derivatives products sold through KEB Hana and Woori Bank.
Enforcement
More Shanghai Bank Executives Assisting in Corruption Probes
By Editors | 23/10/2019
The current and former Shanghai chiefs of Ping An Bank and the Suzhou branch head of China Guangfa Bank are assisting in an anti-graft probe linked to former CSRC chairman Liu Shiyu.
Enforcement
FSC Korea to Raise Penalties for Illegal Short Selling
By Editors | 22/10/2019
On top of the higher penalties for illegal short selling, the FSC will penalise violators extra if they are found to have also engaged in unfair dealing.
Enforcement
IPO Sponsors, Underwriters Are ‘Guardians of Market Quality’: SFC
By Manesh Samtani | 22/10/2019
The SFC expects sponsors to conduct sufficient due diligence to properly understand and assess the companies seeking to be listed, and to ensure red flags are properly followed up.
Enforcement
US SEC Charges Chinese Traders in Market Manipulation Scheme
By Editors | 21/10/2019
The market manipulation scheme involved 18 traders primarily based in China, over 3,900 US-listed securities and over $31mn in illicit profits.
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