ENFORCEMENT

AML / KYC

Wolfsberg Group Endorses APAC Toolkit for Tackling Human Trafficking

By Editors | 26/04/2019

The Wolfsberg Group has endorsed the latest Anti Human Trafficking Toolkit from the Thomson Reuters Foundation, tailored for use in Asia Pacific by banks and financial institutions.

Enforcement

Financial Planners Worry About AFCA’s Extended Powers

By Editors | 25/04/2019

The FPA says advisers are worried old cases will be judged against newer, stricter advice standards and they may not be covered by professional indemnity insurance.

AML / KYC

SFC Imposes 10-Month Ban on Former Guosen Exec

By Editors | 24/04/2019

The 10-month ban on Su Xiqiang, former head of Guosen’s retail brokerage, was a result of improper handling of third-party fund deposits, and a lack of AML controls.

Enforcement

Goldman, Gao Hua Securities Agree to $22.3m CSRC Settlement

By Editors | 24/04/2019

Goldman Sachs and its Chinese partner Gao Hua Securities have agreed to an administrative settlement of 150 million yuan for internal control breaches.

Securities / Derivatives

China to Amend Securities Law This Year

By Editors | 22/04/2019

China plans to amend its securities law within this year, with an aim to strengthening investor protection and enforcement against violators.

Enforcement

SFC Fines Hedge Fund Manager for Naked Short Selling

By Editors | 19/04/2019

Nine Masts Capital sold shares in Yuzhou Properties in May 2015 before a share placement was complete, based on verbal confirmation of its allotment.

Enforcement

NAB Provisions Extra A$750mn for Customer Refunds

By Editors | 19/04/2019

The additional provisions reflect expected payouts for NAB’s employed advisers, and the costs to review advice provided by its self-employed adviser network.

AML / KYC

Singapore Charges its First National for Terrorism Financing

By Editors | 17/04/2019

Singapore’s Ministry of Home Affairs has confirmed that a Singaporean man has been charged for allegedly financing the publication of ISIS propaganda.

Enforcement

APRA Adopts New, Tougher Enforcement Approach

By Editors | 17/04/2019

Under the new enforcement approach, APRA will be more willing to use its full range of powers to deter bad practices and hold entities and individuals to account.