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Reason: Misleading Comment: Will Pay $42 Million Penalty to Settle Charges
Content of Penalty:
The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders. Merrill Lynch agreed to settle…
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Reason: MisconductContent of Penalty: The Securities and Futures Commission (SFC) has reprimanded Mr Lau Ki Fung, a former account executive of KGI Asia Limited (KGI), and fined him $80,000 for failing to keep proper records of order instructions from clients (Notes 1 & 2).
The SFC found that…
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Reason: Anti-Money Laundering Comment: The Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days.Content of Penalty: Financial services firms are required to maintain robust anti-money…
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Reason: Non CompliantContent of Penalty: The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against X-Change Financial Access LLC (XFA) of Chicago, Illinois, for failure to diligently supervise its employees’…
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Reason: MisconductContent of Penalty: The Securities and Futures Commission (SFC) has publicly reprimanded and fined Noah Holdings (Hong Kong) Limited (Noah HK) HK$5 million over Noah HK’s internal system and control failures in its sale and distribution of investment products. …
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