Enforcement

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.

Enforcement

ASIC Issues Second Update on Response to Royal Commission

By Editors | 13/09/2019

Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.

Enforcement

AFCA Clarifies How it Will Assess Legacy Complaints

By Editors | 12/09/2019

AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.