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Chinese Bank’s Brokerage Settles DOJ & SEC Cases

June 26, 2019 by Louis Chunovic

Chinese Bank’s Brokerage Settles DOJ & SEC Cases

The Securities and Exchange Commission (SEC) reports that Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), a New York-based, wholly owned subsidiary of Industrial and Commercial Bank of China Ltd., will pay more than $42 million to settle charges that it improperly administered “pre-released” American Depositary Receipts (ADRs). Separately, ICBCFS has pled guilty… Read More >>

Filed Under: Securities Operations, Buy-Side, Case Studies, Corporate Actions, Industry News, Operational Risk, Ops Automation, Reconciliation & Exceptions, General Interest, Governance, Diversity, Equity, and Inclusion (DEI), FinTech Trends, Back-Office, Performance Measurement, KYC, AML/Fraud/Financial Crime, Regulatory Reporting, Industry News Tagged With: ADRs, bid-rigging conspiracy, DOJ, Industrial and Commercial Bank of China, Industrial and Commercial Bank of China Financial Services, penalty, SEC

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