Enforcement

Enforcement

SFC Warns Against Concealing Identities of Transacting Counterparties

By Manesh Samtani | 22/11/2019

Listed entities should disclose counterparties’ controllers and beneficial owners in corporate transactions. Asset managers should maintain effective controls to detect dubious arrangements or transactions.

Enforcement

CBA’s CommInsure Faces A$1.85mn Penalty for Unsolicited Sales Calls

By Editors | 21/11/2019

The penalty will be in addition to the A$12mn CommInsure has said it will pay to 30,000 policyholders to remediate telephone sales conduct issues.

Enforcement

Ex-ICBC Shanghai Boss Expelled from Party, Public Posts

By Editors | 21/11/2019

Gu Guoming was reportedly found to have been involved in ‘serious corruption’, taking “an extremely large amount” of bribes and using his position to seek benefits for friends and relatives.

Enforcement

Former NAB Branch Manager Sentenced for Home Loan Referral Fraud

By Editors | 21/11/2019

Mathew Alwan was permanently banned by ASIC last year and pleaded guilty to ‘intention to defraud’ earlier this year for making false or misleading statements to NAB.

Enforcement

CCB, Ping An Singled Out for Violating Small Business Lending Rules

By Editors | 20/11/2019

CBIRC spot checks have revealed that small businesses were forced to buy in-house insurance products as conditions for obtaining financing at Beijing branches of the two banks.

AML / KYC

AUSTRAC Commences Legal Action Against Westpac for AML Breaches

By Editors | 20/11/2019

According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

Enforcement

Philippine SEC Orders Takeover of Brokerage Following Stock Theft

By Editors | 19/11/2019

A settlement clerk siphoned client securities into a private account and sold them over eight years, leaving a $13.8 million hole in R&L Investments’ books.

Enforcement

Fostering Customer Trust in the Financial Industry: MAS

By Editors | 18/11/2019

Regulators and FIs alike have an important part to play to build trust in the financial industry, MAS deputy managing director Ong Chong Tee said in a speech on Saturday.

AML / KYC

NAB Faces Potentially Significant AML Penalties

By Editors | 18/11/2019

NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.