Enforcement

Enforcement

BNM Fines Bank of China’s Malaysia Unit for Outsourcing Violations

By Nithya Subramanian | 26/08/2024

BNM said the bank did not obtain prior approval before relocating core banking systems to new data centres.

ESG / Sustainability

ASIC Publishes Findings from Anti-Greenwashing Surveillance

By Sanday Chongo Kabange | 26/08/2024

ASIC published findings, recommendations and good practice examples from its surveillance activities during the financial year 2023–2024.

Sanctions

US DOJ Secures Guilty Plea in Venezuela Sanctions Evasion Case

By Editors | 25/08/2024

The DOJ said George Semerene Quintero lied to US suppliers and created false documents as part of a scheme to evade US sanctions and export controls.

AML / KYC

TD Bank Provisions Additional $2.6b for Expected AML Penalties

By Editors | 25/08/2024

TD Bank said a global resolution of investigations by prudential regulators, FinCEN and the DOJ is expected by year-end.

Enforcement

HK Court Jails SME Director Over HK$100m Bank Loan Fraud

By Sanday Chongo Kabange | 24/08/2024

The company director was sentenced to 30 months’ imprisonment for defrauding seven banks and deceiving the TID and HKMC into issuing guarantees.

Capital / Liquidity

APRA Increases Capital Add-on Imposed on ANZ Bank

By Sanday Chongo Kabange | 23/08/2024

APRA said several issues emerging in ANZ’s markets business have increased its “longstanding concerns” about the bank’s non-financial risk management.

AML / KYC

Indian Telco Ordered to Pay Compensation for SIM Swap Fraud

By Ajoy K Das | 23/08/2024

Airtel issued a duplicate SIM card without verification, resulting in fraudulent withdrawals in May 2017, and then challenged a July 2018 compensation order and lost.

Enforcement

NZ Court Fines Ex-Insurer for Disclosure Breaches

By Sanday Chongo Kabange | 23/08/2024

The High Court ordered former CBLC Managing Director Peter Harris to pay NZD 1.4 million for breaching financial market rules in a case brought by the FMA.

Enforcement

Singapore Considers Granting Police More Powers to Block Scams

By Nithya Subramanian | 23/08/2024

The police will be able to block banking transactions if there is “reasonable belief” that victims will transfer money to scammers.