ENFORCEMENT

Enforcement

CBIRC Penalises Bank of China Over April Crude Oil Losses

By Editors | 06/12/2020

Bank of China was fined over 50mn yuan and ordered to correct deficiencies, strengthen compliance awareness and improve risk management.

AML / KYC

China Imposes Reciprocal Sanctions Against Four US-Linked Individuals

By Editors | 06/12/2020

Four individuals at US-linked nonprofits are barred from entering China, including Hong Kong and Macau, for having “performed badly” over Hong Kong affairs.

Enforcement

Seoul Court Jails Daishin Securities Executive Over Fund Losses

By Editors | 06/12/2020

The FSC has also revoked the registration of Lime Asset Management, imposed a 950mn won fine against the firm and ordered the suspension of its staff and executive personnel.

AML / KYC

Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

By Editors | 06/12/2020

The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.

Enforcement

RBNZ Reprimands Pacific International Insurance Over Reporting Failures

By Sanday Chongo Kabange | 03/12/2020

The RBNZ says Pacific International Insurance’s poor history of non-compliance with regulatory reporting requirements continued despite repeated warnings.

Capital / Liquidity

Westpac Commits to Addressing Risk Governance Weaknesses

By Editors | 03/12/2020

The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.

Enforcement

MAS Bans Two Former Insurance Agents for Dishonest Conduct

By Editors | 02/12/2020

Former representatives of Aviva Financial Advisers and Great Eastern Life were banned for misconduct in the selling of integrated shield policies.

Enforcement

ASIC Files Court Proceedings Against CBA for Overcharged Interest

By Sanday Chongo Kabange | 02/12/2020

The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

Enforcement

Former Convoy Executives Found Not Guilty in ‘Enigma Network’ Case

By Editors | 02/12/2020

The judge ruled that the evidence provided by prosecutors was not sufficient to prove there was any attempt to deceive the stock exchange or Convoy directors or investors.