Enforcement

AML / KYC

RBNZ Investigates Two Banks Over AML Compliance

By Editors | 26/11/2020

The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.

Enforcement

SFC Bans Ex Sun Hung Kai Account Exec Over Discretionary Trading

By Editors | 26/11/2020

The former licensed representative effected transactions in two clients’ accounts on a discretionary basis without obtaining prior written authorisations or senior management approval.

Enforcement

SFC Bans Ex-StanChart Banker For Concealing Personal Trades

By Editors | 25/11/2020

The SFC’s decision followed a referral from the HKMA, which discovered that the former banker also wilfully misrepresented himself to the Appeals Tribunal.

Enforcement

Taiwan FSC Fines E.Sun Commercial Bank Over Client Theft

By Editors | 25/11/2020

A customer relationship manager stole TWD 140 million from 41 clients over seven years. The bank has been fined and two of its executives were suspended.

AML / KYC

AUSTRAC Reports on Fintel Alliance Efforts to Combat Criminal Threats

By Manesh Samtani | 25/11/2020

AUSTRAC has developed an algorithm that enables Fintel Alliance to detect suspicious financial patterns while protecting the privacy of underlying reporting entities and personal data.

AML / KYC

NSW Police, AUSTRAC Disrupt Money Laundering Operation

By Editors | 25/11/2020

Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June.

Enforcement

China Vows ‘Zero Tolerance’ for Bond Issuer Misconduct

By Editors | 24/11/2020

The FSDC will strictly investigate any bond issuer suspected of fraudulent issuance, false disclosure, malicious transfers of assets, or misappropriation of funds.

Enforcement

Australian Court Fines Responsible Entity Over Product Disclosures

By Sanday Chongo Kabange | 23/11/2020

Theta Asset Management and its ex-managing director were fined a combined A$2.1mn for authorising the issue of five defective product disclosure statements.

Enforcement

ASIC Orders Fund Manager to Stop Misleading Radio Advertising

By Editors | 22/11/2020

The stop order prohibits Skyring Funds Management from comparing its fixed income fund to bank-issued deposit products in advertising.