Enforcement

AML / KYC

Westpac, AUSTRAC Agree A$1.3bn Penalty for AML Breaches

By Manesh Samtani | 24/09/2020

If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.

Securities / Derivatives

FMA Blocks CLSA Premium NZ From Offering Derivatives

By Editors | 24/09/2020

The licence conditions will remain in place until CLSA Premium NZ lodges its audit and assurance reports for 2019.

AML / KYC

Westpac, AUSTRAC Close to Settlement Over AML Breaches

By Editors | 24/09/2020

The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.

Enforcement

Korea FSS Finds Banks Failing to Inform Borrowers of Rights

By Sanday Chongo Kabange | 23/09/2020

Since June 2019, banks have been required to inform customers of their right to request lower interest rates when their credit profiles improve or their assets increase.

Enforcement

China Market Supervisor Issues Fines Against Luckin Coffee

By Editors | 22/09/2020

Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.

Enforcement

ASIC Directs Fund Managers to Correct Product Mislabelling

By Editors | 22/09/2020

ASIC has identified 14 funds using the term ‘cash’ in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.

Enforcement

SFC Suspends Former Licensed Rep for Over Discretionary Trading

By Editors | 22/09/2020

The former Ewarton Securities representative placed his own orders within 30 seconds ahead of those placed for the client’s account.

AML / KYC

US Imposes Sanctions on 27 Iranian Entities, Individuals

By Editors | 22/09/2020

Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.

AML / KYC

China Issues Implementing Rules for ‘Unreliable Entity List’

By Editors | 22/09/2020

Foreign firms and individuals could be hit with trade, investment and visa restrictions is they fail to “correct” their behaviour within a time limit.