Enforcement

Enforcement

Westpac Insider Trading Case May Not Be Heard Until 2023

By Editors | 01/08/2021

A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.

AML / KYC

Regulatory Pressure on Binance Builds With Malaysia Ban

By Manesh Samtani | 01/08/2021

Malaysia’s SC has announced enforcement actions. Binance is winding down its derivatives business in Europe. India is probing its involvement in a betting probe.

Enforcement

China: Another Ex-Banking Regulator Under Corruption Probe

By Editors | 01/08/2021

Cai Esheng served as CBRC vice chairman for eight years. He was in charge of supervising non-bank financial institutions.

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.