Enforcement

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.

AML / KYC

SFC Bans Former Guosen Head of Dealing for 12 months

By Editors | 23/06/2020

The head of dealing “turned a blind eye” to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.

Securities / Derivatives

ASX Calls for Reforms Around Class Actions, Litigation Funding

By Editors | 22/06/2020

The benefit of securities class actions may disproportionately benefit litigation funders rather than plaintiffs in those proceedings, with the costs falling on the shareholders, ASX says.

AML / KYC

SFC Fines Guotai Junan Securities for AML and Other Breaches

By Editors | 22/06/2020

Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.