Enforcement

Enforcement

ASIC Launches Suit Against CBA Units Over Compliance Failures

By Editors | 01/03/2021

Commonwealth Bank said the issues arose from errors such as IT system coding or systems issues, human error and/or data entry errors.

Enforcement

HK Audit Regulator to Probe Convoy Financial Statements

By Ranamita Chakraborty | 01/03/2021

Zhonghui Anda CPA Limited may have failed to express an appropriate audit opinion in three years of Convoy’s financial statements, the Financial Reporting Council said.

AML / KYC

Malaysia Secures Settlement from AmBank to Resolve 1MDB Claims

By Editors | 01/03/2021

AmBank was used by former prime minister Najib Razak to receive billions of ringgit linked to a 1MDB unit between 2014 and 2015.

Enforcement

FSC Korea Fines Ten Foreign Firms for Short Selling Violations

By Editors | 28/02/2021

The FSC did not name the firms that were penalised, but said the highest fine was KRW 180 million against a firm that committed four violations.

Enforcement

CSRC Issues Warning Letters to Audit, Asset Appraisal Firms

By Editors | 28/02/2021

Warning letters have been issued to 8 audit firms, 28 certified public accountants, 6 assessment agencies, 27 asset appraisers and 6 practitioners.

Enforcement

ASIC Files Charges Against Allianz, AWP Over False Advertising

By Editors | 27/02/2021

Allianz faces a maximum penalty of A$8mn for each of seven charges for making false or misleading statements regarding the sale of travel insurance products.

Enforcement

ASIC Commences Legal Proceedings Against NAB Over Unlawful Fees

By Editors | 27/02/2021

ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.

Enforcement

SFC, FRC to Enhance Regulatory Cooperation in Capital Markets

By Editors | 25/02/2021

Collaboration will be key to combat persistent problems with false or misleading financial statements and other corporate misconduct, said SFC Chairman Tim Lui.

Enforcement

MAS Bans Former Insurance Broker for Dishonest Conduct

By Editors | 25/02/2021

The former insurance broker was banned for unauthorised selling of general insurance when he was only licensed to sell life policies.