Enforcement

    AML / KYC

    SFC Fines Yardley Securities for AML/CFT Breaches

    By Editors | 17/03/2021

    Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.

    Enforcement

    Australia Considers Legislation to Make Boards Liable for Cyber Risk

    By Editors | 17/03/2021

    Legislation currently before Parliament includes security obligations for entities responsible for critical infrastructure, a list that will be significantly expanded.

    Enforcement

    CSRC Fines Fund Manager ¥1.1m for Fraud, Embezzlement

    By Editors | 16/03/2021

    Cornerstone Capital’s controlling shareholder was also fined for fabricating the financials of funds managed by the firm.

    Enforcement

    Woori Accepts FSS Compensation Guideline for Lime Losses

    By Editors | 15/03/2021

    Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.

    AML / KYC

    SFC Fines Sino-Rich Securities & Futures for AML Breaches 

    By Editors | 15/03/2021

    Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

    Enforcement

    Singapore Court Jails, Fines Ex-Director for False Trading

    By Editors | 15/03/2021

    The former director of investment and corporate advisory firm WLA Regnum was jailed and fined for false trading and deceiving UOB Kay Hian.

    Enforcement

    ASIC Imposes Licence Conditions on OTC Derivatives Issuer AxiCorp

    By Editors | 15/03/2021

    ASIC has agreed to set aside a January 2020 decision to suspend AxiCorp’s AFS licence following the imposition of additional licence conditions.

    AML / KYC

    APRA Ends Westpac Probe into Possible Banking Law Breaches

    By Editors | 14/03/2021

    The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.

    Enforcement

    NZ Court Fines ANZ Over Credit Card Repayment Insurance

    By Editors | 13/03/2021

    The judge said ANZ should have been “sufficiently robust” in its ability to detect issues early, given its size, resources and position in New Zealand’s market.

    AML / KYC

    HK Court Sentences Two for Mortgage Fraud, Money Laundering

    By Ranamita Chakraborty | 13/03/2021

    A ICAC investigation found that two former employees of a law firm defrauded licensed money lenders of mortgage loans totalling HK$20mn.

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