Enforcement

Enforcement

FSC Korea to Boost Supervisory Capacity to Prevent Mis-selling

By Editors | 21/10/2019

The FSC will reportedly increase the number of banking, financial investment and asset management experts it has on staff for inspections of banks, security firms and insurers.

Enforcement

Former Supervisor at ICBC Unit Settles with US SEC

By Editors | 18/10/2019

The former supervisor of ICBC’s US broker-dealer unit has agreed to settle charges for failures involving the improper handling of transactions of ADRs.

Enforcement

KEB Hana Under Added Scrutiny for Document Deletion

By Editors | 17/10/2019

KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.

Enforcement

RBI Deploys New Reporting System for Cooperative Banks

By Editors | 17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.

Enforcement

ASIC Grants Advisers Relief From Compliance Obligation

By Editors | 16/10/2019

ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.

Enforcement

Australia to Form New Disciplinary Body for Financial Advisers

By Editors | 15/10/2019

The plan undoes months of effort by industry associations to form an independent body to monitor and enforce compliance with a new code of ethics for financial advisors.

AML / KYC

Philippines Makes Push to End Bank Secrecy

By Editors | 15/10/2019

BSP governor Benjamin Diokno has said the central bank wants to help convince lawmakers of the importance of lifting bank secrecy as part of a bill to grant amnesty to errant taxpayers.

Enforcement

MAS Bars Four Individuals for Fraudulent, Dishonest Conduct

By Editors | 14/10/2019

The former representatives from Great Eastern Life, Prudential and UOB abused the trust clients placed in them and enriched themselves at the expense of clients, MAS said.

AML / KYC

Malaysia Passes Bill to Form New Anti-Financial Crime Body

By Editors | 13/10/2019

Expected to launch in January, the National Anti-Financial Crime Centre (NAFCC) will coordinate the efforts of 12 enforcement agencies to tackle financial crime.