ENFORCEMENT

    Enforcement

    ASIC Files Suit Against AMP Over Superannuation Fees

    By Editors | 30/07/2021

    AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.

    Enforcement

    NZ FMA Censures FoxPlan Over Unpermitted Financial Advice

    By Sanday Chongo Kabange | 28/07/2021

    FoxPlan representatives misrepresented to clients that they were an authorised financial advisers or financial planners when they were not.

    AML / KYC

    Australia Jails Sydney Man for Breaching North Korea Sanctions

    By Manesh Samtani | 28/07/2021

    The AFP uncovered evidence that the man was generating income for North Korea’s government by facilitating the transfer of various commodities to and from the country.

    Enforcement

    ASIC Appeals Dismissal of Cigno, BHF Solutions Case

    By Sanday Chongo Kabange | 28/07/2021

    ASIC’s appeal seeks judicial clarification on the operation of key obligations under the National Credit Act and National Credit Code.

    AML / KYC

    Taiwan FSC Fines Taishin Int’l Bank for Oversight Failures

    By Editors | 26/07/2021

    A Taishin customer relationship manager stole TWD 347 million from nine customers over more than a decade by asking them to sign blank transfer forms.

    Enforcement

    China: Shanxi Banking Regulator to Face Corruption Trial

    By Sanday Chongo Kabange | 22/07/2021

    Yang Qinghe is accused of abusing his power to help people who bribed him to obtain loans and other benefits.

    Enforcement

    Singapore: Three Individuals Charged for Insider Trading

    By Editors | 22/07/2021

    The former CFO of SGX-listed Broadway Industrial Group communicated insider information to two other individuals.

    AML / KYC

    HKMA Targets Effectiveness in Addressing AML, Fraud risk

    By Manesh Samtani | 22/07/2021

    HKMA Executive Director Carmen Chu highlights the need for transformation and collaboration to combat new AML and fraud challenges in the digital era.

    Enforcement

    Singapore Man Admits to Laundering Money in SkillsFuture Scam

    By Ranamita Chakraborty | 20/07/2021

    A former Grab and Uber driver has admitted to playing the role of a “dummy director” of several shell companies involved in the SkillsFuture scam.

    AML / KYC

    SFC Sanctions Sino-Rich Responsible Officers Over AML Breaches

    By Editors | 20/07/2021

    Sino-Rich Securities & Futures was fined for AML breaches in March. Its CEO and another director have been deemed responsible.

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