ENFORCEMENT

Enforcement

Australia Increases Penalties for Anti-Competitive Conduct

By Editors | 28/10/2022

Maximum penalties for companies can be as high as A$50mn, three times the benefit derived from a breach, or 30% of annual turnover.

Enforcement

CommSec, AUSIEX Fined A$27m for Market Integrity Rule Breaches

By Editors | 27/10/2022

CommSec and AUSIEX demonstrated “widespread, systemic compliance failures” over a nine-year period, said ASIC deputy chair Sarah Court.

AML / KYC

Hong Kong Customs Arrests Two for Laundering HK$3.5bn

By Editors | 27/10/2022

The money was laundered by reselling precious metals. The case is the largest-ever money laundering case for Hong Kong Customs.

Enforcement

HKEX Issues New Guidance Note, Revises Sanctions Statement

By Sanday Chongo Kabange | 27/10/2022

Parties are expected to cooperate with HKEX during its investigations and disciplinary actions, the new Guidance Note on Cooperation says.

Enforcement

Australian Court Orders ANZ to Pay A$25m Penalty

By Editors | 27/10/2022

ANZ inadvertently failed to provide promised fee and interest rate discounts to customers due to inadequacies within its systems.

Enforcement

German Consumer Group Files Greenwashing Suit Against DWS

By Editors | 26/10/2022

The suit claims that DWS misrepresented a fund’s green credentials in marketing material. A hearing date is set for 10 March.

Enforcement

Australia: Hackers Accessed Data of 4m Customers, Medibank Admits

By Manesh Samtani | 26/10/2022

Medibank does not have cyber insurance, and is expected to face investor class actions, on top of lawsuits from angry customers and likely fines.

Enforcement

US Charges Chinese “Agents” for Obstructing Huawei Probe

By Editors | 26/10/2022

The two defendants are accused of trying to bribe a US official to obtain inside information about the criminal case against Huawei.

ESG / Sustainability

Texas, Arizona Lawsuits Target Big Bank Climate Pledges

By Editors | 26/10/2022

The lawsuits take aim at Goldman Sachs, JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley.