Civil Penalty of $11.2 million on UBS for Deceptive Trades by its Client Advisors
The Monetary Authority of Singapore (MAS) has imposed a civil penalty on UBS for acts by its client advisors that breached section 201(b) of the Securities and Futures Act (SFA). Under this section, no person shall, directly or indirectly, in connection with...
SFC reprimands and fines UBS for overcharging clients and other internal control failures
Swiss Bank UBS has been fined HK$400 for overcharging up to 5000 clients for nearly a decade and other serious systematic internal control failures, The Hong Kong Security and Futures Commission (SFC) said in a statement issued on 11 Nov. During an investigation, the...
Former HSBC Relationship Manager banned by SFC for one year
Hong Kong’s Securities and Futures Commission (SFC) has prohibited Mr Song Baojun (Song) 1 from re-entering the industry for 12 months pursuant to section 196 of the SFO. A former relationship manager of The Hongkong and Shanghai Banking Corporation Limited (HSBC),...
Training Requirements For Financial Institutions
Argus Global is conducting a training on AML/CFT on 28 Nov 2019. This training will be for a period of 3 hours at a Singapore CBD location. The training will be conducted in a classroom style highly interactive environment. It will cover the rules &...
UK Accounting firms linked to Kolmoisky scandal
It is reported that Ukrainian billionaire oligarchs Ihor Kolomoisky and Hennadiy Boholyubov, are facing a London civil suit. The suit alleges that they used fake purchasing agreements and fraudulent loans to embezzle $1.72 billion from Ukraine into offshore firms...
Argus Newsletter, October 2019
Articles and Events Summary Updates to the MAS’ Guidelines on Individual Accountability and Conduct On 6 June 2019, the MAS released its responses to the feedback received from the consultation paper of 26 April 2018 on the proposed Guidelines on Individual...
Ex-HKTV staff charged with insider dealing
Hong Kong’s Securities and Futures Commission (SFC) has commenced criminal proceedings against Mr Ken Yiu Ka Lun for alleged insider dealing in the shares of HKTV. The SFC alleges that Yiu, a former senior regulatory affairs manager of Hong Kong Television Network...
Lawyers & Accountants will have to register with the MFSA to handle financial services companies: Malta
The Malta Financial Services Authority (MFSA) is proposing to remove the exemption from registration for legal professionals and accountants. Under the proposed new rules, Lawyers, accountants, and notaries providing assistance to financial services firms will have to...
Four individuals banned by MAS for fraudulent and dishonest conduct
Three former insurance agents and a former bank employee have been issued prohibition orders by Monetary Authority of Singapore (MAS) for engaging in fraudulent and dishonest conduct. Emphasizing the importance of trust in the financial industry, Ms Loo Siew...
Cayman Islands joins global money-laundering crackdown
As part of the global crackdown on money-laundering, Cayman Islands announced on 9-Oct that it would make information on the beneficial ownership of companies, public. This prompted anti-corruption campaigners to call on other offshore jurisdictions to follow...
Updates to the MAS’ Guidelines on Individual Accountability and Conduct
BACKGROUND As part of its efforts to foster sound culture and conduct in the financial sector, the Monetary Authority of Singapore (MAS) issued a consultation paper on 26 April 2018 seeking comments and feedback on its proposed Guidelines on Individual Accountability...
Businessman Gets 15 Months’ Jail for Raising Funds without a Prospectus
Singapore court has sentenced a businessman to 15 months' imprisonment for raising funds from investors in the form of a convertible loan without a prospectus. District Judge Jasvender Kaur on Monday handed down the jail term to Tay Chee Ming, 54, after a nine-day...
Disqualification orders against former chairman and executive directors of Inno-Tech Holdings Ltd obtained by SFC
In yet another case of disqualification of directors due to compliance failures, Hong Kong’s Securities and Futures Commission (SFC) has obtained disqualification orders against former Chairman and Executive Director, Ms Wong Yuen Yee, and three former...
Argus Newsletter, September 2019
Articles and Events Summary Variable Capital Company: A Snapshot The introduction of the new VCC structure provides as additional structuring option for Singapore-based fund managers to domicile their investment funds locally and enhance Singapore’s position as an...
Need for Managing Cyber Risks in IT Supply Chains – MAS’ Cyber Security Advisory Panel
The Monetary Authority of Singapore (MAS)’s Cyber Security Advisory Panel (CSAP) convened on 30th September to discuss the latest cyber-security challenges and strategies related to the financial industry in Singapore. The CSAP comprises of leading cyber security...
Hong Kong’s Securities and Futures Commission bans ex-banker Ye Feng for life
Hong Kong’s Securities and Futures Commission, has banned the former vice president of China’s Bank of Communications Co., Mr Ye Feng, from re-entering the industry for life following his conviction in a bribery case. He has been convicted of soliciting illegal...
India’s Enforcement Directorate files money laundering case against Rolls Royce and others
A criminal case has been filed by the Enforcement Directorate (ED) to probe money-laundering charges in an alleged corruption case against Rolls Royce. The London-based automobile company is said to have made a payment of over INR 77 Crore (over USD 10 million)...
Standard Chartered Bank fined for Regulatory Violations
Standard Chartered Bank has been dogged by regulatory scrutiny in recent years. It has been fined billions of dollars since 2012 for compliance violations and has had trouble in showing the source of some of its clients’ wealth. According to sources, in some...
Variable Capital Company Act: Key Requirements
The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) have launched the Variable Capital Companies (VCC) framework in Singapore. The Variable Capital Company Act is a new corporate structure that can be used for a wide...
HSBC Reprimanded and Fined for Non-Compliance
The Securities and Futures Commission (SFC), the financial regulator of Hong Kong, has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited (HSBC) $2.1 million for non-compliance with the telephone recording requirements under the Code of...
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