Enforcement

Enforcement

RBI Issues Fines on Multiple Banks Totalling $2.9mn

By Editors | 06/08/2019

The fines, involving 15 banks in total, were related to delays in reporting fraud and non-compliance with various other RBI norms.

AML / KYC

MAS Targets Market Abuse with Proposed New Requirements

By Editors | 06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Adviser

By Editors | 06/08/2019

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.

AML / KYC

Malaysian Authorities Bust Illegal Money Services Network

By Editors | 05/08/2019

In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.

Enforcement

Australia: NAB, EY Under Fire Following Whistleblower Leak

By Editors | 05/08/2019

A whistleblower has leaked internal NAB documents to highlight the bank’s lax approach to risk management, customer remediation, and conflicts of interest with its auditor.

Enforcement

Japan Post to Check 30mn Contracts in Insurance Mis-selling Probe

By Editors | 02/08/2019

Up to 183,000 Japan Post customers have been affected by unlawful insurance sales practices over the past five years, double the amount initially found.

Enforcement

Compensation for Poor Advice Reaches A$120m: ASIC

By Editors | 02/08/2019

NAB paid the most to compensate customers for failures by the largest number of advisers, and is expected to take the longest to complete its remediation programme.

Enforcement

Thailand SEC to Incorporate AI in Price Manipulation Probes

By Editors | 02/08/2019

Existing investigation and fact-finding procedures currently take 1.5 years before civil sanctions or penalties are imposed.

Enforcement

NPP Australia Responds to RBA on Platform Access, Functionality

By Editors | 01/08/2019

Effective immediately, NPP Australia has established a mandatory compliance framework allowing it to designate core capability requirements and enforce compliance through non-compliance charges.