Enforcement

ASIC Files Federal Court Suit Against AMP Companies

30/05/2021

ASIC has taken court action against AMP for charging deceased customers insurance premiums and advice fees. AMP has already remediated the impacted customers.

Enforcement

Philippine Court Jails Broker for Illegal Trading in 1999

30/05/2021

The court’s decision represents the first conviction won by the SEC after two decades of pursuing stockbrokers and investors linked to the case.

Enforcement

CSRC Chongqing Bureau Director Removed for Corruption

29/05/2021

The CCDI and CSRC said corruption and bribery ran throughout Mao Bihua’s career. The case has been referred to prosecutors.

Enforcement

ASIC Files Criminal Charges Against ME Bank

29/05/2021

ME bank made “false or misleading” representations in home loan customer communications and failed to give timely notice of changes to the loan terms.

AML / KYC

HK Bankers Threatened With Jail Under National Security Law

29/05/2021

Letters sent to HSBC and Citibank threaten up to seven years’ jail for any dealings with Hong Kong accounts belonging to media tycoon Jimmy Lai.

Enforcement

FSC Korea Provides No-Action Relief on Consumer Protection Law

29/05/2021

Action will not be taken against violations of regulations introduced or strengthened by the new Financial Consumer Protection Act until 24 September.

Market Infrastructure

Westpac Becomes First Aussie Major to Issue SOFR Debt

28/05/2021

The bond issuance included a $300mn floating-rate bond tranche maturing in five years that was priced at a 52 basis point spread over SOFR.

AML / KYC

Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure

28/05/2021

HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.

AML / KYC

AFP, AUSTRAC Probe Payments via Adult Content Site – Report

28/05/2021

Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.