Enforcement

Enforcement

India: PMC Bank Managing Director Confesses to Wrongdoing

By Editors | 02/10/2019

PMC Bank’s now-suspended managing director has reportedly confessed that the bank’s loan exposures went unreported for over six years.

Enforcement

New Zealand to Introduce New Conduct Oversight Regime

By Editors | 27/09/2019

New legislation to implement the regime is expected by year-end, empowering the FMA with stronger enforcement tools and the ability to impose higher penalties for conduct breaches.

Capital / Liquidity

RBI Caps Withdrawals at Failing PMC Bank, Prompting Panic

By Editors | 26/09/2019

The RBI has ordered the troubled cooperative bank to cap withdrawals at 1,000 rupees per account, prompting panic, protests and promises of legal action from customers.

Enforcement

RBNZ to Start Publishing Regulatory Breaches by Banks

By Editors | 25/09/2019

The RBNZ will start publishing banks’ regulatory breaches on its website next year in a bid to improve transparency and market discipline.

Enforcement

APRA’s Authority Potentially Undermined by IOOF Court Loss

By Editors | 25/09/2019

APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator’s case.

Enforcement

US SEC Settles Charges Against Nissan, Former CEO

By Editors | 24/09/2019

As settlement for underreporting CEO compensation, Nissan agreed to pay $15mn, while ex-CEO Carlos Ghosn will pay $1mn and get a 10-year officer and director bar.

AML / KYC

AUSTRAC Orders AML/CTF Audit at PayPal Australia

By Editors | 24/09/2019

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

AML / KYC

Taiwan Seeks Significantly Higher Penalties for Tax Evasion

By Editors | 24/09/2019

Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.

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.