Enforcement

    AML / KYC

    Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

    By Editors | 06/12/2020

    The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.

    Enforcement

    RBNZ Reprimands Pacific International Insurance Over Reporting Failures

    By Sanday Chongo Kabange | 03/12/2020

    The RBNZ says Pacific International Insurance’s poor history of non-compliance with regulatory reporting requirements continued despite repeated warnings.

    Capital / Liquidity

    Westpac Commits to Addressing Risk Governance Weaknesses

    By Editors | 03/12/2020

    The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.

    Enforcement

    MAS Bans Two Former Insurance Agents for Dishonest Conduct

    By Editors | 02/12/2020

    Former representatives of Aviva Financial Advisers and Great Eastern Life were banned for misconduct in the selling of integrated shield policies.

    Enforcement

    ASIC Files Court Proceedings Against CBA for Overcharged Interest

    By Sanday Chongo Kabange | 02/12/2020

    The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

    Enforcement

    Former Convoy Executives Found Not Guilty in ‘Enigma Network’ Case

    By Editors | 02/12/2020

    The judge ruled that the evidence provided by prosecutors was not sufficient to prove there was any attempt to deceive the stock exchange or Convoy directors or investors.

    AML / KYC

    EU Set to Formalise Magnitsky-style Sanctions Regime

    By Editors | 29/11/2020

    New legislation provisionally agreed by member states will allow the EU to target individuals who commit gross human rights violations irrespective of nationality.

    Enforcement

    US OCC Fines JPMorgan for Weak Controls Over Fiduciary Activities

    By Editors | 29/11/2020

    The deficiencies identified by the OCC constituted unsafe or unsound practices that were part of “a pattern of misconduct”, says the consent order.

    Enforcement

    Prosecutors Assess Whether EY Acted Criminally During Wirecard Audits

    By Editors | 29/11/2020

    Germany’s audit supervisor has reportedly told prosecutors that EY may have violated its legal due diligence and reporting obligations during its Wirecard audits.

    AML / KYC

    Philippines Approves House Bill to Strengthen AML Law

    By Editors | 26/11/2020

    The amendments will bring precious metals dealers, casinos and real estate brokers and developers into scope under the Anti-Money Laundering Act.

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