Enforcement

Enforcement

SFC Imposes Lifetime Ban on Former China Citic Bank Employee

By Editors | 26/08/2020

The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.

Enforcement

ASIC: Financial Advice-related Compensation Tops A$1bn

By Editors | 24/08/2020

NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.

Enforcement

ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures

By Sanday Chongo Kabange | 24/08/2020

ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.

AML / KYC

Pakistan Issues Consolidated List of Sanctioned Individuals, Entities

By Editors | 23/08/2020

The Ministry of Foreign Affairs says various sanctions were already in place against almost all of the individuals and entities listed by the United Nations Security Council.

Enforcement

Scotiabank Resolves DOJ, CFTC Spoofing Charges for $127.4m

By Editors | 20/08/2020

Four Scotiabank traders based in New York, London and Hong Kong placed thousands of orders in precious metals futures between 2008 and 2016 to manipulate prices.

Securities / Derivatives

Singapore Authorities Charge Five Remisiers for False Trading

By Editors | 20/08/2020

The five individuals charged were former remisiers for Phillip Securities, OCBC Securities, DBS Vickers Securities, and Maybank Kim Eng Securities.

Enforcement

Sri Lanka to Commence Probe into State Bank Fraud  

By Duruthu E Chandrasekera | 20/08/2020

Bank of Ceylon, People’s Bank, National Savings Bank, Regional Development Bank, and their related institutions will be probed for irregularities.

Enforcement

ASIC Launches Civil Proceedings in Two Fees-for-no-service Cases

By Sanday Chongo Kabange | 20/08/2020

ASIC has commenced ‘fees for no service’ cases against Asgard Capital Management, BT Funds Management, and StatePlus Super.

AML / KYC

APAC Regulators Issue Nearly $4bn in AML Fines in H1 2020

By Editors | 19/08/2020

Fraudulent activity brought on by Covid-19 related initiatives may result in enforcement actions later in the year and into 2021, says Fenergo’s Rachel Woolley.