Enforcement

AML / KYC

SFC Fines Yardley Securities CEO for AML/CFT Breaches

By Editors | 05/07/2021

The processing and approval of suspicious third party fund transfers were attributable to the CEO’s failures to discharge his duties, the SFC said.

Enforcement

Westpac to Pay Remediation Over Corporate Actions Failures

By Editors | 04/07/2021

ASIC says it encourages all advice licensees and platform operators to consider their own corporate action management arrangements.

Enforcement

MAS Proposes to Enhance Investigative, Supervision Powers

By Manesh Samtani | 04/07/2021

New powers will allow MAS to issue legally-binding directions to FIs in relation to unregulated business in bitcoin futures and other payment token derivatives traded on overseas exchanges.

Enforcement

US Judge Orders Goldman, Former Execs to Face 1MDB Lawsuit

By Ranamita Chakraborty | 01/07/2021

A US district court judge said it “strains credulity” for Goldman Sachs to contend it had no indication that funds were being siphoned from 1MDB.

AML / KYC

Binance Deploys New AML Solution Amid Regulatory Pressure

By Ranamita Chakraborty | 01/07/2021

Binance has deployed a new AML compliance solution in the face of a ban in the UK and warnings from Japanese and Thai regulators.

Enforcement

FINRA Orders Record Financial Penalties Against Robinhood

By Editors | 01/07/2021

Robinhood has been ordered to pay $70mn for systemic supervisory failures and significant harm suffered by millions of customers.

Enforcement

ASIC Product Intervention Order Upheld in Full Federal Court

By Editors | 30/06/2021

ASIC is entitled to consider not just the characteristics of a relevant financial product, but also the particular circumstances in which it is supplied, the Court said.

Crypto / Digital Assets

NZ FMA Warns Influencers Against Providing Financial Advice

By Ranamita Chakraborty | 30/06/2021

Social media influencers do not want to find themselves caught offering advice they’re not qualified or authorised to give, warns FMA chief Rob Everett.

Enforcement

Ex-Shanghai Clearing House Chief Expelled from CCP for Corruption

By Sanday Chongo Kabange | 30/06/2021

Xu Zhen has been expelled from the CCP for borrowing large sums of money using the SCH’s management services and accepting bribes.