Enforcement

Enforcement

ASIC Four-year Plan Targets Misconduct, Innovation

By Editors | 01/09/2020

In its four year corporate plan, ASIC says it will target misconduct and consumer harm, while also promoting fintech, regtech and suptech innovation.

AML / KYC

US DOJ Files Civil Forfeiture Complaint to Recover Stolen Crypto

By Manesh Samtani | 31/08/2020

The two crypto exchange hacks detailed in the complaint are linked to the same group of Chinese actors who laundered over $250mn in stolen cryptocurrency for North Korea in 2018.

Enforcement

APRA Imposes Licence Conditions on NAB Unit NULIS Nominees

By Editors | 28/08/2020

NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.

AML / KYC

ASIC Ends Years-old Probe into CBA’s AML Breaches

By Editors | 26/08/2020

ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.

Enforcement

Singapore CEO Fined Over ‘Interested Person’ Transactions

By Editors | 26/08/2020

Under the Securities and Futures Act, mainboard companies must immediately announce interested person transactions worth over 3% of tangible assets.

Enforcement

SFC Imposes Lifetime Ban on Former China Citic Bank Employee

By Editors | 26/08/2020

The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.

Enforcement

ASIC: Financial Advice-related Compensation Tops A$1bn

By Editors | 24/08/2020

NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.

Enforcement

ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures

By Sanday Chongo Kabange | 24/08/2020

ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.

AML / KYC

Pakistan Issues Consolidated List of Sanctioned Individuals, Entities

By Editors | 23/08/2020

The Ministry of Foreign Affairs says various sanctions were already in place against almost all of the individuals and entities listed by the United Nations Security Council.