ENFORCEMENT

Enforcement

Australian Court Ratifies CBA’s BBSW Settlement

By Manesh Samtani | 25/06/2018

CBA will pay a $A5m penalty, A$15m to a financial consumer protection fund, and $A5m towards ASIC’s litigation and investigation costs; bank also agreed to enter into enforceable undertaking with ASIC.

Capital / Liquidity

S. Korea Banks Face Loan Rate Manipulation Probe

By Manesh Samtani | 25/06/2018

FSS found thousands of irregularities in lending rate calculations including omission about income or collateral in credit evaluations, resulting in unfairly high lending rates.

Enforcement

Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

By JP Reimann | 21/06/2018

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

AML / KYC

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

By Garima Chitkara | 21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

Enforcement

ASIC Releases Oversight Guidance For New Financial Complaints Body

By Garima Chitkara | 21/06/2018

Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.

Enforcement

Thailand, Japan to Cooperate on Banking Supervision

By Manesh Samtani | 20/06/2018

BOT and Japan FSA agreement sets out process they will follow to foster greater cooperation for information sharing, on-site visits, supervisory colleges and crisis management.

Enforcement

S. Korea To Tighten P2P Lending Regulation Amid Rising Fraud

By Garima Chitkara | 20/06/2018

New rules aim to control growth of the $24.7bn industry by requiring greater disclosures for secured lending, notarised mortgages valuations, among other measures.

Enforcement

Goldman Faces Naked Short Selling Fine in S. Korea

By Manesh Samtani | 19/06/2018

South Korean branch of Goldman Sachs International said its naked shorts were the result of an institutional investor reversing a decision to lend it shares; the firm faces a fine up to $896,000.

Enforcement

Australia Begins ‘Poor Advice’ Civil Proceedings Against Westpac

By Garima Chitkara | 18/06/2018

ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.