ENFORCEMENT

Enforcement

Indonesia to Limit Cash Transactions to Curb Corruption

By Editors | 22/04/2018

Proposed bill will limit cash payments by corporations and individuals to a maximum of IDR100 million, or USD7,200.

Enforcement

ASIC Seeks Powers to Hasten Bank Remediation

By Manesh Samtani | 20/04/2018

Australian banks take on average over 4 years to identify misconduct, over 4 months to report it, over 7 months post-investigation to compensate customers.

Enforcement

Australia Consults on Enforcement Powers for Client Money Rules

By Editors | 19/04/2018

Draft law provides ASIC with wider range of tools to enforce better protections for client money held for OTC derivatives.

Enforcement

S.Korea FSS Chief Resigns Just Weeks into The Job

By Editors | 19/04/2018

Election watchdog finds governor Kim Ki-sik in violation of laws for overseas trips sponsored by financial institutions and political donations.

Enforcement

Australia Royal Commission Finds AMP Repeatedly Deceived Regulator

By Manesh Samtani | 19/04/2018

Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.

Enforcement

SFC Reprimands, Fines Nomura’s Instinet $2.2mn

By Editors | 16/04/2018

The firm failed to put in place reasonable controls to ensure non-proprietary orders received execution priority, prevent erroneous and disorderly orders being sent to the market.

Enforcement

CBA, ANZ to Pay Compensation for Missing Financial Advice Records

By Editors | 16/04/2018

CBA and ANZ to pay $69mn and $36.4mn compensation, respectively, for failing to provide documentation of annual customer reviews.

Enforcement

Vietnam Investigating $660mn Cryptocurrency Fraud

By Samuel Riding | 16/04/2018

Central bank concerned up to 32,000 people have been defrauded; Prime Minister urges regulators to ‘toughen management’ of cryptocurrency activity.

Enforcement

S.Korea Launches Bribery Probe into New FSS Chief

By Manesh Samtani | 15/04/2018

Prosecutors on Friday raided KRX and Woori Bank, two of the institutions that allegedly paid for Kim Ki-sik’s 2014 an 2015 overseas trips.