ENFORCEMENT

AML / KYC

Malaysia Files Suit Against KPMG Partners Over 1MDB Losses

By Editors | 13/07/2021

The Malaysian government and 1MDB filed a $5.64bn lawsuit against 44 current and former KPMG partners over the firm’s audits of 1MDB’s financial statements.

Enforcement

RBI Penalises Fourteen Banks Over NBFC Lending

By Editors | 12/07/2021

The banks include Credit Suisse, Central Bank of India, SBI, Bank of Baroda, Bank of Maharashtra, IndusInd Bank, and Indian Bank, among others.

Enforcement

Australian Court Set to Impose First Sentences Over Bad Audits

By Editors | 11/07/2021

EC Audit and its former director are the first auditors in Australia to face criminal prosecution for failure to comply with auditing standards.

Enforcement

NZ FMA Cancels Fund Manager Licence for ‘Material’ Breaches

By Editors | 11/07/2021

Fund Managers Otago incorrectly calculated and disclosed returns in fund updates and entered into prohibited related party transactions, among other breaches.

Enforcement

ICAC, SFC Arrest Listed Company Exec in Joint Operation

By Sanday Chongo Kabange | 08/07/2021

The ICAC and SFC searched a number of premises, including the offices of the listed company and one of its IPO underwriters.

Enforcement

SFC Bans Former Mason Securities Representative for 12 Months

By Editors | 07/07/2021

The licensed representative falsely declared that he provided risk disclosure statements to six clients when they opened accounts.

Enforcement

Taiwan Probe Casts Light on ‘Rampant’ Insider Trading – Report

By Sanday Chongo Kabange | 06/07/2021

A probe into a vaccine maker has cast a light on the prevalence of stock manipulation in Taiwan, where financial regulators do not have jurisdiction over insider trading cases.

AML / KYC

SFC Fines Yardley Securities CEO for AML/CFT Breaches

By Editors | 05/07/2021

The processing and approval of suspicious third party fund transfers were attributable to the CEO’s failures to discharge his duties, the SFC said.

Enforcement

Westpac to Pay Remediation Over Corporate Actions Failures

By Editors | 04/07/2021

ASIC says it encourages all advice licensees and platform operators to consider their own corporate action management arrangements.