Enforcement

AML / KYC

RBNZ Issues Formal Warning to Westpac for AML Failures

By Editors | 11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.

Enforcement

Former HKEX Exec Pleads Not Guilty to Corruption Charges

By Editors | 11/08/2021

The former co-head of HKEX’s IPO-vetting team, Eugene Yeoh, was arrested in June 2019 for alleged bribery and misconduct in public office.

Enforcement

Taiwan FSC to Raise Compensation for Automatic Dispute Settlement

By Sanday Chongo Kabange | 10/08/2021

The FSC will raise the compensation ceilings under which financial companies have to automatically accept settlement decisions.

AML / KYC

Good Intentions: The FATF Faces Its Own Unintended Consequences

By Tom Keatinge | 08/08/2021

The FATF’s unintended consequences study will point to necessary reforms that the watchdog will be unwilling to undertake.

Securities / Derivatives

Hong Kong ICAC Charges Securities Brokers for Bribery

By Editors | 08/08/2021

Two securities brokers accepted commissions to arrange for their clients to use a futures trading programme provided by a software company.

Enforcement

ASIC Sues Credit Firms for Failing to Cooperate with AFCA

By Sanday Chongo Kabange | 06/08/2021

Two firms repeatedly engaged in disruptive, aggressive and uncooperative behaviour toward AFCA, a civil penalty offence since April 2019.

Enforcement

CSRC Penalises Yongcheng Coal, Executives for Fraud

By Sanday Chongo Kabange | 05/08/2021

Yongcheng Coal and its executives were fined for fraudulent disclosures and for inflating its books. The company defaulted on a CNY 1 billion bond last year.

Enforcement

ASIC Issues Update on Compensation Paid for Non-compliant Advice

By Editors | 05/08/2021

Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.

Enforcement

CBIRC Fines Trust Company for ‘Major’ Regulatory Violations

By Editors | 05/08/2021

The trust company was fined CNY 5.66 million for risk control failures, mismanagement of its trust schemes, and other “serious” breaches.