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Enforcement
ASIC Launches Civil Proceedings Against Commonwealth Bank
By Editors | 17/03/2020
CBA said it intends to admit the allegations ASIC has made in each of the two cases, and does not intend to defend against the proceedings.
Enforcement
Bank of Communications Manager Gets Nine Years Jail for Bribery
By Editors | 12/03/2020
The former manager accepted more than 10 million yuan in bribes and embezzled a further 820,000 yuan, representing illegal gains from organising employee competitions and events.
Enforcement
SFC Considers Easing Data Storage Rules – Report
By Editors | 11/03/2020
Industry bodies are reportedly working with the SFC to clarify the rules and make compliance easier, though it is unclear what specific steps it will take to ease the requirements.
AML / KYC
India: Yes Bank Co-founder Arrested Over Illicit Kickbacks
By Editors | 10/03/2020
The arrest comes just days after the RBI seized control of Yes Bank due to its inability to raise capital to restore liquidity and address loan losses and credit downgrades.
Enforcement
Woori Financial Chair Seeks Injunction Against FSS Sanctions
By Editors | 10/03/2020
If the injunction is granted, it could clear the path for Woori Financial Group chairman Sohn Tae-sung to lead the group for another three-year term.
AML / KYC
New Zealand Takes First Criminal Action Under AML/CFT Act
By Editors | 05/03/2020
A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.
Enforcement
Korea: Woori, Hana Barred from Selling PE Funds for Six Months
By Editors | 04/03/2020
Woori Bank and Hana Bank are additionally being fined 19.71bn and 16.78bn won, respectively, for mis-selling of derivatives-linked funds.
AML / KYC
Australia: Pre-insolvency Adviser Gets 5 Years Jail for Money Laundering
By Editors | 02/03/2020
The adviser helped a former company director illegally remove company assets to prevent creditors from accessing them post-winding up.
Enforcement
Australia: Changes to the Banking Code of Practice Go Live
By Editors | 02/03/2020
The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.
Enforcement
Japan FSA Fines Nissan $22m Over Ghosn Misconduct
By Editors | 01/03/2020
The fine is the second-highest penalty ever imposed by the FSA, and a response to 8 years of under-reported remuneration by Nissan’s former chairman Carlos Ghosn.
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