ENFORCEMENT

Enforcement

ASIC Charges Former Apogee Financial Adviser for Deception

By Editors | 03/03/2021

The ex-financial adviser obtained over A$1.5 million from Nulis Nominees, the trustee for the MLC Super Fund, on behalf of 168 clients.

AML / KYC

UK Court Clears Extradition of Nirav Modi to India

By Ranamita Chakraborty | 02/03/2021

Indian diamond billionaire Nirav Modi has been a key suspect in the $2bn fraud at Punjab National Bank, which was first reported three years ago.

AML / KYC

China Renews Anti-corruption Drive with Global Crackdown

By Editors | 02/03/2021

Several government departments including the PBOC will work together to track down corrupt Chinese fugitives and recover ill-gotten gains.

Enforcement

ASIC Launches Suit Against CBA Units Over Compliance Failures

By Editors | 01/03/2021

Commonwealth Bank said the issues arose from errors such as IT system coding or systems issues, human error and/or data entry errors.

Enforcement

HK Audit Regulator to Probe Convoy Financial Statements

By Ranamita Chakraborty | 01/03/2021

Zhonghui Anda CPA Limited may have failed to express an appropriate audit opinion in three years of Convoy’s financial statements, the Financial Reporting Council said.

AML / KYC

Malaysia Secures Settlement from AmBank to Resolve 1MDB Claims

By Editors | 01/03/2021

AmBank was used by former prime minister Najib Razak to receive billions of ringgit linked to a 1MDB unit between 2014 and 2015.

Enforcement

FSC Korea Fines Ten Foreign Firms for Short Selling Violations

By Editors | 28/02/2021

The FSC did not name the firms that were penalised, but said the highest fine was KRW 180 million against a firm that committed four violations.

Enforcement

CSRC Issues Warning Letters to Audit, Asset Appraisal Firms

By Editors | 28/02/2021

Warning letters have been issued to 8 audit firms, 28 certified public accountants, 6 assessment agencies, 27 asset appraisers and 6 practitioners.

Enforcement

ASIC Files Charges Against Allianz, AWP Over False Advertising

By Editors | 27/02/2021

Allianz faces a maximum penalty of A$8mn for each of seven charges for making false or misleading statements regarding the sale of travel insurance products.