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Enforcement
Enforcement
ASIC Issues First Stop Order on Life Insurance Products
By Sanday Chongo Kabange | 20/07/2023
ASIC issued the interim stop order against Clearview Life to protect consumers from acquiring two income protection cover products that may not be consistent with their needs.
AML / KYC
US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies
By Editors | 20/07/2023
The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.
Enforcement
MAS Issues Five Year Ban on Former Prudential Representative
By Editors | 20/07/2023
The former representative edited and submitted 11 false invoices to Prudential and deceived the company into making payouts to her clients.
Crypto / Digital Assets
Chinese Authorities Call to Strengthen Cybersecurity Insurance Regulations
By Jill Wong | 19/07/2023
Two Chinese authorities issued an ‘opinion’ on ways to standardise and support the sound development of cybersecurity insurance.
Enforcement
Deloitte Australia’s CEO Admits to Being Overpaid in Public Hearing
By Editors | 19/07/2023
Deloitte Australia’s CEO Adam Powick told a Senate committee his position is not worth a salary that is seven times that of the prime minister’s.
Enforcement
Singapore Imposes Record 19-Year Jail Term on Former Lawyer
By Editors | 18/07/2023
The case involves the misappropriation of S$76mn in clients’ funds over three years by the former lawyer, previously the managing partner of JLC Advisors LLP.
Enforcement
Australia: Big 4 Accused of Operating ‘Beyond the Law’
By Editors | 18/07/2023
Former KPMG partner Brendan Lyon called for changes in how the accounting profession is regulated to restore public trust and ensure integrity in financial reporting.
Enforcement
CSRC Fines GF Securities for Poor Due Diligence in Stock Sale
By Editors | 18/07/2023
GF Securities received an advance notice of administrative penalties from the CSRC connected to a 2018 share issuance by Misho Ecology & Landscape.
AML / KYC
EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures
By Editors | 18/07/2023
The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.
AML / KYC
Singapore Shaken by Rare Corruption Probe
By Editors | 17/07/2023
A government minister and a prominent property tycoon were arrested and released on bail last week.
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