ENFORCEMENT

Enforcement

MAS Bans Former StanChart Adviser Following Forgery Conviction

By Editors | 31/05/2023

The former representative altered a document to falsely presenting another client as the account holder instead of the actual client.

AML / KYC

Perth Mint Misses AUSTRAC Deadline, CEO Resigns

By Editors | 31/05/2023

The delay was attributed to the complexity of the audit and the challenges in gathering the required information.

Capital / Liquidity

APRA, AUSTRAC Enter Enforceable Undertakings With BoQ

By Editors | 31/05/2023

For APRA’s enforceable undertaking, Bank of Queensland has to set aside an extra A$50mn in regulatory capital.

AML / KYC

Australia: Crown Agrees to A$450m Penalty for AML Failures

By Editors | 31/05/2023

Crown admitted to AML/CTF breaches at its Melbourne and Perth casinos and agreed to pay A$450mn, subject to court approval.

Capital / Liquidity

US OCC Sets Out Policy for Addressing “Persistent Weaknesses” at Banks

By Editors | 30/05/2023

The OCC may require banks to increase capital, restrict dividends, sell assets, divest subsidiaries or exit markets if they fail to fix “persistent weaknesses”.

Enforcement

PwC Australia Announces Removal of Nine Partners

By Sanday Chongo Kabange | 30/05/2023

PwC Australia has directed nine partners to go on leave pending the outcome of an investigation into the leak of confidential government information.

Enforcement

Singapore Court Order Credit Suisse to Pay Georgian Billionaire

By Editors | 29/05/2023

Credit Suisse was ordered to pay billionaire Bidzina Ivanishvili $926mn in compensation for failing to safeguard his assets from misappropriation.

AML / KYC

Australia Considers Expansion of Modern Slavery Law

By Manesh Samtani | 29/05/2023

The expansion would include penalties for failing to report, submitting a report with false information, or failing to implement a due diligence system.

Enforcement

NYDFS Fines Lender $4.25m for Breaching Cybersecurity Rules

By Mark Johnston | 25/05/2023

OneMain Financial Group failed to properly manage access privileges and conduct due diligence on third-party vendors, NYDFS said.