ENFORCEMENT

Enforcement

APRA Targets Risk Culture in Superannuation Sector

By Ranamita Chakraborty | 31/05/2021

APRA is piloting a risk culture survey with plans to roll it out to a number of superannuation entities in 2022.

Enforcement

ASIC Files Federal Court Suit Against AMP Companies

By Editors | 30/05/2021

ASIC has taken court action against AMP for charging deceased customers insurance premiums and advice fees. AMP has already remediated the impacted customers.

Enforcement

Philippine Court Jails Broker for Illegal Trading in 1999

By Editors | 30/05/2021

The court’s decision represents the first conviction won by the SEC after two decades of pursuing stockbrokers and investors linked to the case.

Enforcement

CSRC Chongqing Bureau Director Removed for Corruption

By Editors | 29/05/2021

The CCDI and CSRC said corruption and bribery ran throughout Mao Bihua’s career. The case has been referred to prosecutors.

Enforcement

ASIC Files Criminal Charges Against ME Bank

By Editors | 29/05/2021

ME bank made “false or misleading” representations in home loan customer communications and failed to give timely notice of changes to the loan terms.

Enforcement

FSC Korea Provides No-Action Relief on Consumer Protection Law

By Editors | 29/05/2021

Action will not be taken against violations of regulations introduced or strengthened by the new Financial Consumer Protection Act until 24 September.

Enforcement

Ant Group Suspends ABS Products Amid Regulatory Pressure

By Sanday Chongo Kabange | 28/05/2021

The suspended asset-backed securities are backed by online loans sold on Ant Group’s online lending platforms, Huabei and Jiebei.

Enforcement

China Watchdog Exposes Corrupt Former Regulators

By Sanday Chongo Kabange | 28/05/2021

Regulators inspected Baoshang Bank on 50 occasions and deliberately avoided parts of the business that had significant potential risks.

Crypto / Digital Assets

Inner Mongolia Government Threatens Punishment for Crypto Mining

By Sanday Chongo Kabange | 28/05/2021

A new notice warns telecoms, big data centres and cloud computing companies of severe punishment if they engage in or facilitate crypto mining activities.