ENFORCEMENT

    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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