ENFORCEMENT

Enforcement

ASIC Finalises Guidance on Completing Timely Remediations

By Editors | 28/09/2022

ASIC says it should not have to oversee remediations in order for consumers to receive fair and timely outcomes.

AML / KYC

Deutsche Bank to Settle US Shareholder Lawsuit for $26m

By Editors | 27/09/2022

Shareholders said Deutsche Bank made false statements about its KYC and AML processes and caused losses to investors when its client list was made public.

AML / KYC

India: ICAI Probes 200 Accountants Over Shell Company Setups

By Editors | 26/09/2022

Around 200 chartered accountants are subject to a probe involving shell companies established in India by Chinese firms.

Enforcement

Interpol Issues Red Notice for Terraform Labs Founder

By Mark Johnston | 26/09/2022

The red notice for Do Kwon was issued at the request of Korean prosecutors, who say he is wanted for alleged capital market violations.

AML / KYC

HKMA Penalises Cathay United Bank for AML Deficiencies

By Editors | 25/09/2022

Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.

Enforcement

Australian Court Fines AMP for ‘Fees for No Service’ Conduct

By Editors | 25/09/2022

The Federal Court said the conduct reflected “very poorly on the organisation culture” of AMP, fining its subsidiaries a total A$14.6mn.

Enforcement

US SEC Fines Morgan Stanley Unit for Not Protecting Customer Data

By Manesh Samtani | 24/09/2022

A moving and storage company hired by Morgan Stanley’s wealth management division sold thousands of devices containing customer information to a third party.

Enforcement

China to Increase Penalties for Breaches of Cybersecurity Law

By Darien Choong | 24/09/2022

Operators of critical information infrastructure using products or services that have not undergone security evaluations will face fines of up to 5 percent of annual revenue.

Enforcement

China to Strengthen Cross-Agency Collaboration on Capital Market Crime

By Editors | 24/09/2022

Regulatory, law enforcement and prosecutorial agencies will cooperate to “treat both the symptoms and the root causes” that contribute to capital market crime.