ENFORCEMENT

AML / KYC

US SEC Settles FCPA Charges Against Goldman’s Tim Leissner

By Editors | 18/12/2019

Leissner has agreed to be permanently barred from the securities industry for violating antibribery, internal accounting controls, and books and records provisions of federal securities laws.

Enforcement

SFC Bans Two Individuals for Window-Dressing Scheme

By Editors | 17/12/2019

For 3 years, the month-end liquid capital of W. Falcon Asset Management was falsely inflated with amounts on cheques that were later dishonoured.

Capital / Liquidity

APRA Investigates Westpac, Imposes Capital Surcharge

By Editors | 17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.

Enforcement

RBNZ Orders ANZ New Zealand to Improve Director Attestation Processes

By Editors | 16/12/2019

A report from Deloitte shows some level of complacency in ANZ’s director attestation framework, but no evidence of a culture that supports non-compliance or deception.

Enforcement

MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches

By Editors | 16/12/2019

The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.

Enforcement

FSC Korea Finalises Measures to Protect Investors From Risky Products

By Editors | 16/12/2019

The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.

Enforcement

APRA Imposes Licence Conditions on CBA-owned Avanteos Investments

By Editors | 13/12/2019

CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.

AML / KYC

HSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe

By Editors | 12/12/2019

HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.

Enforcement

Japan SESC Recommends $22mn Fine for Nissan Underreporting

By Editors | 11/12/2019

The fine would be Japan’s second-largest ever for false reporting on a corporate financial statement, after the 7.3 billion yen fine imposed on Toshiba in 2015.