ENFORCEMENT

AML / KYC

Japan to Review AML Measures at Banks Ahead of FATF Inspection

By Garima Chitkara | 07/06/2018

FSA to conduct interviews and on-site inspections on all of Japan’s banks and credit unions’ measures to prevent money laundering and illegal remittances.

Enforcement

Gaming the System is Part of Being a Great Banker

By Peter Guy | 07/06/2018

Criminal charges brought by Australian regulators against bankers in the ANZ cartel case represent a challenge against practices traditionally considered the norm in global underwriting syndicate culture.

Enforcement

Malaysia Central Bank Chief Resigns Amid 1MDB Controversy

By Manesh Samtani | 07/06/2018

Controversy relates to a land purchase by BNM; proceeds used by government to partly settle debt owed by troubled state fund 1MDB.

AML / KYC

Commonwealth Bank Agrees to A$700m Penalty for AML Breaches

By Manesh Samtani | 04/06/2018

AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.

Enforcement

Citi, Deutsche, ANZ Face Criminal Cartel Charges in Australia

By Garima Chitkara | 04/06/2018

Citigroup, Deutsche Bank and ANZ are facing criminal charges in Australia after an investigation revealed cartel behaviour in the trading of ANZ stock.

Enforcement

SFC Fines Hang Seng Asset Management Arm

By JP Reimann | 01/06/2018

Hang Seng Investment Management fined HK$3mn for cash management failures involving SFC-authorised funds it manages from 2010 to 2016.

Enforcement

Systemic Enquiry into Financial System Not Required – New Zealand Regulators

By Garima Chitkara | 31/05/2018

RBNZ, FMA say so far no reason to conduct systemic investigation of financial industry’s conduct and culture; banks’ efforts at improving institutional conduct and culture will continue to be monitored.

Enforcement

SFC Fines Wealth Manager Noah Holdings for Internal Control Failures

By JP Reimann | 30/05/2018

The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.

Securities / Derivatives

S. Korea Announces Measures to Prevent Stock Trade Errors

By Manesh Samtani | 29/05/2018

Measures to prevent repeat of Samsung Securities dividend payout error include new real-time monitoring system, tighter controls at securities firms, tougher penalties.