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SFC Fines DBS Vickers Hong Kong

The Securities and Futures Commission (SFC) has fined DBS Vickers Hong Kong $2 million for regulatory breaches and internal control failings.

“The Securities and Futures Commission (SFC) has fined DBS Vickers Hong Kong $2 million for regulatory breaches and internal control failings.”

From June 2013 to September 2015 , DBS used monies from segregated client accounts to meet settlement obligations.  In doing so, DBSVHK effectively used excess margin deposits of some clients to fulfil the margin requirement of other clients with unmet margin calls.

News Source: SFC Press Release

 

About DBS Bank

DBS Bank
DBS Bank

DBS Bank Ltd (SGX:D05) is a Singaporean multinational banking and financial services company. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank. Founded in 1968, DBS acquired POSB (Post Office Savings Bank) in 1998. With over

280 branches across 18 markets in Asia, DBS serves over four million customers in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia.

  • Origin : Singapore
  • Assets : SGD 458 billion
  • Revenue : SGD 10.8 billion
  • Employees : 22,000
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Official Website: www.dbs.com

News & Media: Press Release

Updated on 8th August 2016

 

 



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