The fines follow a local investigation by Korean authorities into the alleged illegal sharing of information between the four banks, and their collusion in price bids to win FX derivatives contracts from five Korean firms.
Until now, Volt, like other "neo-banks," had been limited by the fact it only held a "restricted" licence.
Fu, who specialises on corporate and commercial transactions in China, joined from offshore firm Harneys where she worked as a counsel.
An FBR official, while speaking to Dawn, said the directorate is scheduled to brief Finance Minister Asad Umar on the status of the cases next week.
When Ms Frederick, a former Goldman Sachs banker, first joined Reinventure as general partner in March 2017, her appointment was welcomed by co-founders Danny Gilligan and Simon Cant in a press release.
While ASIC has publicly embraced more litigation against the banks, sources close to the corporate regulator say its leadership is concerned royal commissioner Kenneth Hayne will push it too far towards litigation.
It also restrained its director, Graeme Walter Miller, from providing financial services for 25 years. Mr Miller has also been disqualified from managing corporations for three years
Investigations have been initiated in Kerala against 46 companies that were based in UAE. It is learned that around 100 companies including those owned by Malayalis are involved in the swindling. If the other companies are taken into account, the total am