Enforcement

AML / KYC

NAB Contract Workers Received Little AML Training: Report

By Ranamita Chakraborty | 17/06/2021

The revelation comes follows AUSTRAC’s launch of a formal enforcement investigation into NAB earlier this month.

Enforcement

ASIC Sues Austal Over Breach of Continuous Disclosure Obligations

By Ranamita Chakraborty | 16/06/2021

Major shipbuilder Austal breached its continuous disclosure obligations in 2016 by failing to disclose a material change in its prior earnings guidance, ASIC says.

AML / KYC

PNG’s BSP Financial Group Faces Possible AML Penalties

By Editors | 16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.

Enforcement

CBIRC Reprimands Fintech Firm for Consumer Rights Violations

By Sanday Chongo Kabange | 16/06/2021

The CBIRC said Mashang Consumer Finance violated product pricing rules, consumer rights, and fair trade regulations.

Enforcement

Hin Leong Files Suit Against Deloitte Over Auditing Failures

By Ranamita Chakraborty | 16/06/2021

The lawsuit claims Deloitte would have detected material misstatements and not issued unqualified opinions if its audits were carried out properly.

Enforcement

Hong Kong: Ex-Dah Sing Bank Manager Jailed for Fraud

By Sanday Chongo Kabange | 16/06/2021

The former financial planning manager told a client he was required to buy an insurance policy before he could open a corporate bank account.

Securities / Derivatives

US Federal Court Sanctions Australian Trader for Spoofing

By Sanday Chongo Kabange | 15/06/2021

The Propex Derivatives trader is required to repay $21,000 in disgorgement and cease and desist from violating anti-spoofing and manipulation rules.

Enforcement

MAS Reprimands Four FIs Over Remuneration Practices

By Sanday Chongo Kabange | 15/06/2021

Two insurers, two financial advisory firms, and two individuals were reprimanded over breaches related to their risk management arrangements and remuneration  practices.

Enforcement

Japan FSA Orders Suspension of SBI Social Lending Unit

By Editors | 14/06/2021

SBI Social Lending Co solicited funds from investors with false or misleading information in lending agreements.