Enforcement

Enforcement

UPDATED – Woori, KEB Hana Likely to Compensate Investors in Risky Products

By Editors | 23/09/2019

The FSS is outlining compensation guidelines and initiating dispute mediation proceedings for investors who lost money in derivative-linked funds.

Enforcement

ClearView Completes Advice Remediation Programme

By Editors | 20/09/2019

Financial compensation totalling A$730,000 was offered to 215 clients who were harmed by poor advice, while another 21 clients received non-financial remediation.

Enforcement

Australia Reintroduces Amnesty Bill for Unpaid Superannuation

By Editors | 19/09/2019

The bill will provide amnesty to employers who have underpaid superannuation up to 27 years ago, if they disclose their failures within two years and repay the full amount.

Enforcement

SAFE Blacklists FX Firms As Illegal Capital Outflows Increase

By Editors | 19/09/2019

SAFE has asked financial institutions to monitor for leveraged forex trading and blacklisted 43 FX firms amid signs that illegal capital outflows have been increasing.

AML / KYC

Singapore Charges Second National for Terrorism Financing

By Editors | 19/09/2019

A Singapore national was charged for providing money for terrorist purposes after he sent about $830 to an individual overseas who was said to have been facilitating terrorist acts.

AML / KYC

UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate

By Editors | 18/09/2019

The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.

Enforcement

Philippines Moves to End Abusive Practices by Fintech Lenders

By Editors | 18/09/2019

A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.

Enforcement

ASIC Bans Lending Model Found to Cause Consumer Detriment

By Editors | 13/09/2019

ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.

Enforcement

AFCA to Start Naming Financial Firms in October

By Editors | 13/09/2019

The move is aimed at increasing transparency and accountability in the financial sector, which will also enhance consumer confidence.