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Enforcement
Australia Delays National Consumer Credit Protection Act Reforms
By Ranamita Chakraborty | 28/03/2021
Whether or not responsible lending obligations are repealed, ASIC says it will enforce lending standards as part of its focus on consumer protection.
Enforcement
ASIC Notches Win in Proceedings Against Mayfair 101 Group
By Ranamita Chakraborty | 28/03/2021
ASIC warns it will take action when search engines are used in a misleading or deceptive way to entice investors into products they are not searching for.
AML / KYC
US Sanctions Holding Companies Backing Myanmar Military
By Editors | 26/03/2021
The new sanctions target the Myanmar military’s control of significant segments of the country’s economy, which is a vital financial lifeline for the military junta.
Enforcement
CBIRC Fines Citic Bank for Failure to Protect Customer Data
By Editors | 25/03/2021
The penalty is likely related to a complaint by a popular comedian that Citic Bank leaked his personal data on the Internet.
Enforcement
CSRC Bans Haitong Securities from Advisory Work for One Year
By Editors | 25/03/2021
The CSRC said Haitong did not effectively control risk in its bond business dealings, which resulted in Yongcheng Coal’s CNY 1 billion default.
Enforcement
SFC Fines GEO Securities for Breaching Licence Conditions
By Editors | 25/03/2021
The firm also did not have effective controls in place for product due diligence, client risk tolerance assessment, and record-keeping.
Enforcement
DOJ to Probe Visa Over Debit Card Routing Practices
By Ranamita Chakraborty | 24/03/2021
Visa is alleged to have engaged in anti-competitive practices by preventing merchants from routing payments through other card networks.
Capital / Liquidity
RBNZ Orders Westpac NZ to Address Risk Governance Issues
By Ranamita Chakraborty | 24/03/2021
Westpac’s New Zealand unit breached the RBNZ’s liquidity policy by incorrectly calculating mismatch ratios.
Enforcement
Japan FSA to Inspect Mizuho Over System Failures
By Ranamita Chakraborty | 24/03/2021
The FSA will consider whether to take disciplinary action such as issuing a business improvement order against the bank.
Crypto / Digital Assets
CFTC Penalises Coinbase for False Reporting, Wash Trading
By Editors | 23/03/2021
The settlement requires Coinbase to pay $6.5mn, and desist from any further violations of the Commodity Exchange Act or CFTC regulations.
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