Enforcement

Enforcement

ASIC to Appeal Westpac Responsible Lending Case Dismissal

By Editors | 11/09/2019

ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.

Enforcement

SFC Fines HSBC HK$2.1m for Phone Recording Failures

By Editors | 11/09/2019

Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.

AML / KYC

AUSTRAC Order A$250,000 Fine Against Compass Global Holdings

By Editors | 11/09/2019

AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.

Enforcement

Tribunal Overturns SEBI Order Banning PwC from Auditing

By Editors | 10/09/2019

The Securities Appellate Tribunal cited a lack of evidence against PwC, and said SEBI had no jurisdiction to impose the ban in the first place.

Enforcement

ASIC Sues Regional Banks Over Unfair Loan Contracts

By Editors | 05/09/2019

ASIC says the terms in Bank of Queensland and Bendigo and Adelaide Bank loan contracts could cause detriment to small businesses.

Enforcement

Enforcement Actions Will Be Publicised, APRA Clarifies

By Editors | 04/09/2019

Publicising enforcement actions gives the community confidence that financial institutions are being held to account when they do the wrong thing, said APRA deputy chair John Lonsdale.

Capital / Liquidity

CBIRC Identifies Numerous Violations at Small and Mid-sized Banks

By Editors | 03/09/2019

“In response … all relevant regulatory agencies should take targeted prudential supervision measures … and carry out administrative punishment according to law,” the CBIRC said.

AML / KYC

Singapore Police, Banks Collaborate to Thwart Scammers

By Editors | 03/09/2019

Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.

Enforcement

APRA to Improve Capabilities to Combat Non-Financial Risks

By Editors | 30/08/2019

In its four-year corporate plan, APRA identifies four areas of strategic focus, including to improve cyber-resilience and governance standards in the financial sector.