Coutts must pay out $6.55m (CHF 6.5m) for serious breaches of anti-money laundering rules in connection with the scandal-torn Malaysian 1MDB sovereign wealth fund.
Category: Regulation
ETF Securities’ HK asset management licence removed
UK-based ETF Securities’ licence for asset management in Hong Kong was removed in January, according to the SFC. But the firm reported a strong year for its commodity funds globally.
HK regulator fines Value Partners HK$4m
Hong Kong’s Securities and Futures Commission said two Value Partners funds issued shares exceeding the authorised limit and the firm did not report the incident in a timely manner.
China’s top hedge fund manager jailed and fined $1.6bn
Xu Xiang, dubbed ‘Hedge fund brother no.1’ in China, was put in prison for five-and-a-half years and fined a reported RMB 11bn ($1.6bn), for market manipulation.
HK’s SFC clarifies governance rules
Some financial firms do not appoint their most senior managers as responsible officers, according to Julia Leung, the SFC’s executive director for intermediaries.
HK signs cross-border cooperation agreement with the US
Hong Kong’s Securities and Futures Commission has entered into a memorandum of understanding on cross-border cooperation with the US Securities and Exchange Commission.
HK’s online banking scams spike
The number of online scams involving brand name private banks operating in Hong Kong is at a record high, according to data from the Hong Kong Monetary Authority.
Jailed 1MDB scandal banker ‘spent $8.2m’ on Australia property
The former BSI banker Yeo Jaiwei, ‘sentenced beyond the norm’ for witness tampering by a Singapore court, used a Seychelles-based company to spend $8.2m on Australian Gold Coast property, the Guardian has reported.
Ex-Falcon Bank manager jailed in Singapore 1MDB probe
The first westerner to be charged in connection with the 1MDB scandal has been sentenced to 28 weeks in jail and fined S$128,000 (£73,352, $89,174, €84,235) by a Singapore court.
MAS to reinforce retail investor protection
Retail investors in Singapore will receive greater protection following changes to the Securities and Futures Act (SFA).
