Enforcement

Enforcement

RBI Fines Citibank, Six Others for Non-Compliance

By Editors | 01/06/2020

Citibank did not comply with obligations to obtain declarations from customers about the credit facilities they have with other banks before granting them non-fund based facilities.

AML / KYC

PBOC Fines BNP Paribas China Unit, Three Execs for AML Violations

By Editors | 01/06/2020

The bank and three executives were fined for failing to perform customer identification obligations and report large and suspicious transactions.

Enforcement

ICAC Charges SME Director & Clerk for Defrauding HK Banks

By Editors | 31/05/2020

The two are said to have defrauded seven banks of loans and banking facilities worth about HK$160mn, and deceived the TID and HKMC into issuing loan guarantees.

Enforcement

SFC Bans Guosen Fund Manager for Violating Staff Trading Policies

By Editors | 29/05/2020

The fund manager concealed his beneficial interests, direct control and trading activities in securities accounts held at an external brokerage.

Enforcement

Australia Eases Disclosure Rules to Prevent Opportunistic Class Actions

By Editors | 27/05/2020

Heightened uncertainty amid the Covid-19 crisis exposes companies to the threat of opportunistic class actions if their earnings forecasts are found to be inaccurate.

Enforcement

APRA Blamed for Scrapped Class Action Against IOOF

By Editors | 26/05/2020

A Quinn Emanuel class action “was no longer in the interests of group members to continue” following last year’s dismissal of APRA’s lawsuit against IOOF.

Enforcement

CSRC Accuses Guangdong Fund Manager of Lying to Investors

By Editors | 24/05/2020

Guangdong-based Cornerstone Management reportedly lost 70% in two funds after promising a minimum 8% annual return.

AML / KYC

Westpac Removes EY as Auditor for Upcoming Risk Review – Report

By Editors | 20/05/2020

EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

Enforcement

Taiwan: FSC Fines Four Banks, Two Insurers $700,000

By Editors | 20/05/2020

The Taiwan branch of Cardif Assurance Vie was fined for collaborating with banks to get clients to borrow money against old policies to buy new insurance products.