Enforcement

Enforcement

KEB Hana Under Added Scrutiny for Document Deletion

By Editors | 17/10/2019

KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.

Enforcement

RBI Deploys New Reporting System for Cooperative Banks

By Editors | 17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.

Enforcement

ASIC Grants Advisers Relief From Compliance Obligation

By Editors | 16/10/2019

ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.

Enforcement

Australia to Form New Disciplinary Body for Financial Advisers

By Editors | 15/10/2019

The plan undoes months of effort by industry associations to form an independent body to monitor and enforce compliance with a new code of ethics for financial advisors.

AML / KYC

Philippines Makes Push to End Bank Secrecy

By Editors | 15/10/2019

BSP governor Benjamin Diokno has said the central bank wants to help convince lawmakers of the importance of lifting bank secrecy as part of a bill to grant amnesty to errant taxpayers.

Enforcement

MAS Bars Four Individuals for Fraudulent, Dishonest Conduct

By Editors | 14/10/2019

The former representatives from Great Eastern Life, Prudential and UOB abused the trust clients placed in them and enriched themselves at the expense of clients, MAS said.

AML / KYC

Malaysia Passes Bill to Form New Anti-Financial Crime Body

By Editors | 13/10/2019

Expected to launch in January, the National Anti-Financial Crime Centre (NAFCC) will coordinate the efforts of 12 enforcement agencies to tackle financial crime.

Enforcement

Redemptions Halted at Korean Hedge Fund Amid Probe

By Editors | 11/10/2019

An FSS probe into alleged unfair trading has triggered investor redemptions which Lime Asset Management has not been able to meet.

AML / KYC

Westpac Expected to Reveal New AML Provisions in Annual Report

By Editors | 09/10/2019

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.