South Korea's regulator has sanctioned KB Securities following a broad review of its controls and sales practices.
The South Korean Financial Supervisory Service (FSS) has issued an official warning and imposed financial penalties on KB Securities following an inspection that uncovered a broad range of regulatory breaches, including failures relating to over-the-counter (OTC) derivatives trading, investment product sales and regulatory reporting. The regulator imposed an administrative fine of KRW215.6m (US$156,000) on the firm, while individual employees received disciplinary measures ranging from salary r