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AML / KYC
Weak Environmental Crimes Law a Risk to Investors
By ESG Investor | 19/12/2022
European Council’s position on the revised Environmental Crime Directive will damage portfolios as well as the environment, says WWF.
Fintech / Regtech
ACCC Fines ING for Breaching CDR Rules, Refuses iSignthis Accreditation
By Editors | 18/12/2022
The ACCC said ING Bank was not capable of receiving consumer data requests from accredited data recipients within the required timelines.
Enforcement
ASIC Takes First DDO Court Action Against Distributor
By Editors | 18/12/2022
The distributor cross-sold a non-guaranteed managed investment scheme to the same customers that bought guaranteed term deposits.
AML / KYC
NZ FMA Issues AML Warning Against Private Equity Firm
By Editors | 18/12/2022
The FMA said Pencarrow Private Equity failed to retain and make readily accessible identity and verification records for customers.
Enforcement
US SEC, DOJ Charge Social Media Influencers for Securities Fraud
By Mark Johnston | 18/12/2022
Eight individuals are accused of engaging in a conspiracy to commit securities fraud through a social media-based “pump and dump” scheme.
AML / KYC
Danske Bank to Pay $2bn to Resolve DOJ, SEC Probes
By Sanday Chongo Kabange | 15/12/2022
Danske Bank admitted to allowing high-risk non-resident customers from other countries including Russia to use its Estonia branch to access US banks.
Enforcement
Singapore Jails Man for Exporting Beverages to North Korea
By Editors | 14/12/2022
The man, while working as a manager for Pokka International, sold beverages he knew would later be exported to North Korea for commercial trade.
Enforcement
ASIC Finds Product Governance Shortfalls by Small Credit Lenders
By Editors | 14/12/2022
TMDs issued by payday lenders and consumer leasing companies lacked detail in the descriptions of their products and target markets. Review triggers were also set too broadly.
Enforcement
UK FCA Fines Metro Bank for Incorrect RWA Disclosure
By Sanday Chongo Kabange | 14/12/2022
The bank published incorrect information concerning its risk-weighted assets and did not disclose the error to investors despite knowing it was wrong.
AML / KYC
Wirecard Trial Begins With Defendants Blaming Each Other
By Mark Johnston | 14/12/2022
Former CEO Markus Braun and his co-defendants face up to 15 years in jail, though a verdict is not expected until at least 2024.
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