Enforcement

Enforcement

RBNZ Secures Funding to Boost Supervisory, Enforcement Capability

By Editors | 28/06/2020

The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.

Enforcement

CSRC Imposes Record Penalty in Insider Trading Case

By Editors | 26/06/2020

A Shanghai entrepreneur and his daughter were penalised a total 3.6bn yuan, representing a record fine and confiscation of illegal gains.

AML / KYC

Hong Kong Autonomy Act Advances in US Congress

By Manesh Samtani | 26/06/2020

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

Enforcement

S. Korean Prosecutors Raid Fund Operator on Fraud Allegations

By Editors | 25/06/2020

Accused of fabricating depository statements, Optimus Asset Management has suspended withdrawals from six feeder funds since last week, locking up 90bn won in investor money.

Enforcement

S. Korea to Crack Down on Predatory Lending

By Editors | 25/06/2020

South Korea is introducing a cross-agency task force to monitor for illegal loan sharking activities and an alert system to detect predatory loan advertisements.

AML / KYC

NZ Police Seize $90m Allegedly Laundered with Bitcoin

By Editors | 25/06/2020

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

Enforcement

ASIC Issues ‘Best Interests’ Guidance for Mortgage Brokers

By Editors | 24/06/2020

Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.

Enforcement

ASIC Seeks Penalties from CBA, Colonial First State

By Editors | 24/06/2020

Colonial First State is said to have used CBA’s branches and digital channels to sell superannuation products to more than 390,000 bank customers under a revenue-sharing arrangement.

AML / KYC

FMA Sues CLSA New Zealand for AML Breaches

By Editors | 24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.