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Enforcement
AIA New Zealand Faces Penalty for Misleading Customers
By Ranamita Chakraborty | 01/08/2021
AIA’s remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.
Enforcement
Australia: BT, Asgard Fined for Charging Fees for No Service
By Sanday Chongo Kabange | 30/07/2021
Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
Enforcement
CSRC Fines ByteDance Employee for Insider Trading
By Sanday Chongo Kabange | 30/07/2021
The CSRC fined the ByteDance employee nearly nine times the profit he made from trading shares on insider information.
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.
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