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 >>
FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined Industrial and Commercial Bank of China Financial Services (ICBCFS) $5.3 million for systemic anti-money laundering compliance failures, including its failure to have a “reasonable” AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, record-keeping… Read More >>
SEC Slams Branches of Big Accounting Firms in China
The SEC has imposed $500,000 sanctions against four China-based branches of four top accounting firms that allegedly refused to turn over documents related to investigations of potential fraud, say SEC officials. The four firms — Deloitte Touche Tohmatsu Certified Public Accountants Ltd., Ernst & Young Hua Ming LLP, KPMG Huazhen (Special General Partnership), and PricewaterhouseCoopers… Read More >>
Tackling Corporate Actions via Cloud Computing
For Henry Napier, a vice president overseeing corporate actions processing for The Industrial and Commercial Bank of China Financial Services (ICBCFS), mornings were a little busy because of a system that was essentially manual. “Basically, what we would do in the morning is spend several man hours pulling up internal data,” says Napier, who is… Read More >>
