Enforcement

Enforcement

Five Major Banks Face UK Class Action in FX Rigging Case

By Editors | 31/07/2019

The class action, estimated to be worth more than $1.2bn for trades executed in the UK, follows a similar-size fine levied against the banks by the European Commission in May.

AML / KYC

Global Money Launderers Move in on Japan – Report

By Editors | 30/07/2019

Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.

Enforcement

Another CBIRC Official Placed Under Corruption Probe

By Editors | 30/07/2019

China’s Central Commission for Discipline Inspection has reportedly opened a corruption probe into the CBIRC’s Fujian branch head, Qi Xinzheng.

Market Infrastructure

NAB Notifies 13,000 Customers of Data Breach

By Editors | 29/07/2019

Australia’s fourth largest bank says the personal data uploaded to servers without authorisation was not copied or further disclosed, and has since been deleted.

Enforcement

FMA to Open Applications for New Adviser Licences in November

By Editors | 26/07/2019

Announced last month, the new licensing regime will require financial advisers to operate under a new transitional licence from June 2020.

Enforcement

ASIC Takes ANZ Bank to Court for Unlawful Fees

By Editors | 26/07/2019

ANZ charged fees on transactions between its customers’ own accounts, despite the fees only being applicable to transactions made to “another person or business”.

Enforcement

China Hands IPO Bans to 139 Funds on STAR Market Violations

By Editors | 25/07/2019

The funds were handed bans of 6 and 12 months for making IPO applications for shares on Shanghai’s new tech board that exceeded the size of their investments.

Capital / Liquidity

APRA Orders Three Banks to Tighten Group Funding Arrangements

By Editors | 25/07/2019

Macquarie, Rabobank and HSBC had provisions in group funding agreements that could allow funding to be withdrawn in a stress scenario, potentially undermining their stability.

Capital / Liquidity

PBOC Sets Out Beijing Penalties for Deposit Reserve Violations

By Editors | 24/07/2019

Draft measures from the PBOC set out four types of penalties Beijing-based financial institutions must pay when their deposit reserves fall below statutory requirements.