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Enforcement
ASIC Ordered to Pay Westpac Costs in Case Dismissal
By Manesh Samtani | 14/08/2019
In September, Westpac admitted to breaching responsible lending laws and agreed to a A$35mn settlement with ASIC. The settlement was rejected and the case has been dismissed.
Enforcement
CBIRC Fines WeBank $285m for Multiple Lending Violations
By Editors | 14/08/2019
An inspection last year found that some employees at the digital bank used consumer loans to invest in stock and futures trading.
AML / KYC
Malaysia Files Criminal Charges Against 17 Goldman Directors
By Editors | 12/08/2019
The current and former directors each face 1MDB-related charges carrying a maximum 10-year jail term and a minimum penalty of 1 million ringgit.
Enforcement
Another Former Huarong Executive Charged with Corruption
By Editors | 12/08/2019
The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.
Enforcement
CSRC Imposes Six-Month Business Restriction on GF Securities
By Editors | 09/08/2019
The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.
Enforcement
APRA Fines Westpac A$1.5mn for Late EFS Reporting
By Editors | 09/08/2019
Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.
AML / KYC
UN Report: North Korea Still Accessing International Financial System
By Editors | 09/08/2019
The report says North Korea has amassed $2bn from cyberattacks on banks and crypto exchanges, and that it has about 30 overseas representatives helping it evade sanctions.
Enforcement
CSRC Imposes $56mn Penalty on Individual for Insider Trading
By Editors | 08/08/2019
The individual learned of a gaming company’s acquisition plans months in advance and used 14 stock accounts set up by acquaintances to profit from the information.
Enforcement
ASIC Proposes Regulatory Guide on Whistleblower Policies
By Editors | 08/08/2019
Companies have to implement a whistleblower policy by January 2020. ASIC’s guidance explains how they should be established, implemented and maintained.
Enforcement
SGX RegCo to Boost Regulatory Presence, Oversight
By Manesh Samtani | 08/08/2019
At a regulatory briefing on Wednesday, SGX RegCo CEO Tan Boon Gin laid out the work ahead to enhance investor confidence and deter wrongdoing.
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