ENFORCEMENT

AML / KYC

OFAC Fines Bank of China UK for Sudan Sanctions Breach

By Editors | 01/09/2021

BOC UK’s internal customer database did not include reference to Sudan in the name or address fields of two customers despite knowledge of their location.

AML / KYC

New Zealand Court Penalises TBS Bank for AML Breaches

By Editors | 31/08/2021

The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.

Enforcement

Seoul Court Rules Against FSS in DLF Mis-selling Case

By Editors | 31/08/2021

An FSS decision to ban Woori Financial Group Chairman Son Tae-seung from the financial industry for three years is effectively nullified.

Enforcement

Korea: Ex-Presidential Aide Sentenced to Jail for Crypto Fraud

By Sanday Chongo Kabange | 31/08/2021

The former presidential aide claimed a scam token had been certified by the BOK, FSS and KFTC, and that investors could multiply their investment by 100 times.

Enforcement

US SEC, BaFin Probe DWS Over ESG Investment – Reports

By Editors | 30/08/2021

The former global head of sustainability at DWS alleges that the firm overstated how many assets had been screened against ESG criteria.

Enforcement

HK Police Arrest Two in Corporate Fraud Case

By Editors | 30/08/2021

The arrests were made following a joint operation with the SFC against a listed company and its former senior executives suspected of corporate fraud involving HK$450mn.

Enforcement

ASIC Prioritises Economic Recovery in New Corporate Plan

By Ranamita Chakraborty | 26/08/2021

ASIC’s key external priorities for the next four years include the economy, innovation, consumer harm, cyber resilience, and industry readiness for regulatory reforms.

Enforcement

Australian Court Fines NAB Over Fee Disclosure Statements

By Sanday Chongo Kabange | 26/08/2021

NAB charged fees for personal advice without providing customers fee disclosure statements, providing them late, or containing false misleading information.

Enforcement

Westpac Subsidiaries Fined for Breaching Best Interests Duty

By Sanday Chongo Kabange | 26/08/2021

Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients’ best interests in a case that dates back to 2016.