Enforcement

Enforcement

Former Citic Bank Exec Sentenced to 15 Years’ Jail for Bribery

By Editors | 26/09/2020

The conviction is said to be linked to a criminal case involving the head of a Citic Group asset management subsidiary.

Enforcement

SEBI Quadruples Penalties Against CRAs Over IL&FS Failures

By Editors | 26/09/2020

In December, SEBI issued INR 2.5 million penalty orders against ICRA, India Ratings & Research and Care Ratings. This has been raised to INR 10 million.

Enforcement

New Zealand FMA Warns of Action Against Poor Conduct

By Editors | 25/09/2020

There are no excuses for conduct that presents the risk of harm to investors, customers and the integrity of the markets, says FMA chief Rob Everett.

AML / KYC

Westpac, AUSTRAC Agree A$1.3bn Penalty for AML Breaches

By Manesh Samtani | 24/09/2020

If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.

Securities / Derivatives

FMA Blocks CLSA Premium NZ From Offering Derivatives

By Editors | 24/09/2020

The licence conditions will remain in place until CLSA Premium NZ lodges its audit and assurance reports for 2019.

AML / KYC

Westpac, AUSTRAC Close to Settlement Over AML Breaches

By Editors | 24/09/2020

The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.

Enforcement

Korea FSS Finds Banks Failing to Inform Borrowers of Rights

By Sanday Chongo Kabange | 23/09/2020

Since June 2019, banks have been required to inform customers of their right to request lower interest rates when their credit profiles improve or their assets increase.

Enforcement

China Market Supervisor Issues Fines Against Luckin Coffee

By Editors | 22/09/2020

Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.

Enforcement

ASIC Directs Fund Managers to Correct Product Mislabelling

By Editors | 22/09/2020

ASIC has identified 14 funds using the term ‘cash’ in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.