ENFORCEMENT

AML / KYC

Ant Group Undeclared Beneficial Owners Caused IPO Suspension

By Editors | 18/02/2021

The Wall Street Journal says Ant Group’s IPO was suspended last year due to its complex ownership structure and an unease over the likely beneficiaries of the listing.

Enforcement

ASIC Seeks Penalties from CBA for Overcharged Interest

By Editors | 17/02/2021

Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.

Enforcement

ASIC Issues Update on Advice Compensation Paid by Banks

By Editors | 16/02/2021

Australia’s largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.

Enforcement

Chinese Premier Signs Decree on Preventing Illegal Fundraising

By Editors | 15/02/2021

New regulations set to take effect in May will enhance monitoring and penalties for illegal fundraising activities, with an emphasis on prevention and early detection.

AML / KYC

AFP Charges Australian Man in Money Mule Recruitment Case

By Editors | 15/02/2021

The man is accused of recruiting individuals to unwittingly serve as money mules to launder the proceeds of crime in return for a commission.

Enforcement

CBIRC Punishes Staff for Violating Personal Investment Rules

By Editors | 15/02/2021

The regulator found that 429 individuals engaged in prohibited financial activity involving CNY 160 million and has taken action in 106 cases so far.

Enforcement

ASIC Outlines Approach to Regulating Superannuation Trustees

By Editors | 14/02/2021

ASIC’s Jane Eccleston says trustees of non-public offer funds need to apply for an AFS licence or vary their existing licences by 30 April 2021.

AML / KYC

Australian Court Jails Car Wash Owner for Money Laundering

By Editors | 14/02/2021

The man used express cash deposit facilities at Perth bank branches to help launder more than A$5.6mn for an alleged criminal syndicate.

Enforcement

China Instructs Deloitte to Investigate Alleged Auditing Violations

By Editors | 13/02/2021

Auditing violations alleged by a whistleblower include improper conduct by certain Deloitte staff members in performing the audits of five companies in 2016 and 2017.