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Enforcement
Westpac Penalised in Consumer Credit Insurance Mis-selling Case
By Editors | 08/04/2022
Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.
AML / KYC
US, German Authorities Target World’s Largest Darknet Market
By Manesh Samtani | 07/04/2022
OFAC has sanctioned Russia-based website Hydra Market and crypto exchange Garantex for facilitating transactions for ransomware actors.
AML / KYC
Singapore Jails Man for Money Laundering, Email Fraud
By Editors | 07/04/2022
The man received funds in his and his company’s bank accounts that were derived from chearing offences perpetrated overseas and locally.
AML / KYC
Singapore Tightens Laws on Technology Risk, Crypto Assets
By Sanday Chongo Kabange | 06/04/2022
FIs would face penalties over SGD 1 million for breaching TRM requirements. VASPs will have to be licensed to offer services in Singapore.
Enforcement
Korea: FSC, FSS Relaunch Special Investigations Team
By Editors | 05/04/2022
The team comprises officials from the FSC and FSS, who will be authorised to investigate illegal acts in the capital market more quickly.
Enforcement
ASIC Launches Federal Court Proceedings Against Macquarie
By Editors | 05/04/2022
ASIC says Macquarie failed to properly detect and prevent unauthorised fee transactions by now-convicted former financial adviser, Ross Andrew Hopkins.
Enforcement
Former CSRC Official to Face Criminal Charges for Taking Bribes
By Editors | 04/04/2022
The former official accepted gifts, money, shares of companies, luxury goods and other personal benefits as bribes while he was tasked with reviewing IPO applications.
Enforcement
CBIRC Fines 21 Banks for Data Reporting Failures
By Editors | 04/04/2022
State-owned banks including BOC, CDB, ICBC and CCB were fined a total of USD 13.8 million for data quality and reporting issues.
Enforcement
Philippine SEC to Form Dedicated Unit Targeting Abusive Lending
By Editors | 04/04/2022
The government is seeking to prevent and penalise abusive debt collection practices, misrepresentations, and unreasonable terms and conditions.
Crypto / Digital Assets
Bangladesh Proposes Law to Raise Penalties for Banking Fraud
By Editors | 03/04/2022
The bill would allow Bangladesh Bank to remove a bank’s owners, directors, executives, and other officials if they are involved in banking fraud.
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