ENFORCEMENT

AML / KYC

NZ Police Seize $90m Allegedly Laundered with Bitcoin

By Editors | 25/06/2020

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

Enforcement

ASIC Issues ‘Best Interests’ Guidance for Mortgage Brokers

By Editors | 24/06/2020

Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.

Enforcement

ASIC Seeks Penalties from CBA, Colonial First State

By Editors | 24/06/2020

Colonial First State is said to have used CBA’s branches and digital channels to sell superannuation products to more than 390,000 bank customers under a revenue-sharing arrangement.

AML / KYC

FMA Sues CLSA New Zealand for AML Breaches

By Editors | 24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

AML / KYC

SFC Bans Former Guosen Head of Dealing for 12 months

By Editors | 23/06/2020

The head of dealing “turned a blind eye” to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.

Securities / Derivatives

ASX Calls for Reforms Around Class Actions, Litigation Funding

By Editors | 22/06/2020

The benefit of securities class actions may disproportionately benefit litigation funders rather than plaintiffs in those proceedings, with the costs falling on the shareholders, ASX says.

AML / KYC

SFC Fines Guotai Junan Securities for AML and Other Breaches

By Editors | 22/06/2020

Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.

Enforcement

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.

Enforcement

Australia: Banks Work Towards Swift Resolution of Advice Failures

By Editors | 22/06/2020

Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.