ENFORCEMENT

AML / KYC

Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

By Editors | 20/04/2020

The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

Capital / Liquidity

RBNZ Working with ANZ NZ to Improve Model Compliance

By Editors | 18/04/2020

The latest section 95 report identifies that 17 wholesale credit models and the operational risk capital model approach currently in use at ANZ NZ are not approved by the RBNZ.

Enforcement

FSC Taiwan Probes Trading Controls at Hua Nan Securities

By Editors | 15/04/2020

Hua Nan Securities reportedly lost $158mn on derivative warrants in March as a result of poor internal controls.

AML / KYC

Westpac Expects to Pay A$900m Over AML Breaches

By Editors | 14/04/2020

While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.

Enforcement

ASIC Shifts Focus to Ensure Market Integrity, Protect Consumers

By Editors | 14/04/2020

Covid-19 has raised the risk of significant consumer harm and serious breaches of financial services laws, says ASIC chair James Shipton.

Enforcement

CBIRC Penalises Anxin Trust $2mn for Misappropriating Assets

By Editors | 09/04/2020

The misappropriation involved the transfer of assets from trust products to company shareholders, and the illegal use of assets to make payments for other products, among other purposes.

Enforcement

S. Korea: Covid-19 Loans Exempted From Misconduct Sanctions

By Editors | 09/04/2020

Financial services workers delivering emergency support funds to businesses in need will be exempt from misconduct sanctions.

Enforcement

UPDATED – ASIC Commences Legal Proceedings For False Advertising

By Editors | 09/04/2020

ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.

Enforcement

Australia: 10yr Jail Term Imposed for Superannuation Misappropriation

By Editors | 08/04/2020

The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.