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Enforcement
CBA has Complied with 2014 Financial Advice Licence Conditions
By Editors | 12/04/2019
CBA has offered A$9.3mn to compensate customers whose advice was reviewed under the 2014 licence conditions imposed on its financial planning entities.
Enforcement
Australian Authorities Bust Vietnamese Money Transfer Cartel
By Editors | 12/04/2019
The ACCC and Australian police have brought charges against an alleged price-fixing cartel, which is said to have been directed by Vietnam’s Sacombank.
Enforcement
ASIC Warns OTC Derivatives Platforms on Overseas Services
By Editors | 12/04/2019
OTC derivatives platforms offering services to foreign retail investors may be breaking overseas laws, which may be inconsistent with local obligations to provide services ‘efficiently, honestly and fairly’.
Enforcement
Taiwan Raises Max Penalty for Unauthorised Investments from China
By Editors | 11/04/2019
Taiwan has passed a legislative amendment raising the ceiling for fines against Chinese investment into local companies without authorisation.
Enforcement
MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct
By Editors | 11/04/2019
Three individuals have received lengthy bans, in addition to jail terms, for “criminal conduct at the expense of their customers”.
Enforcement
UniCredit China Employee Embezzled $15mn of Client Money
By Editors | 10/04/2019
The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.
AML / KYC
Standard Chartered Fined Over $1bn by US, UK Authorities
By Editors | 10/04/2019
Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.
Enforcement
S. Korea Fines Another Goldman Affiliate for Naked Short Selling
By Editors | 10/04/2019
Goldman Sachs India Investment, along with three other offenders, has been fined for naked shorting by South Korean authorities
Enforcement
Australia Passes Law Forcing Financial Firms to Cooperate with AFCA
By Editors | 10/04/2019
A new law has made it mandatory for all financial firms to fully cooperate with AFCA to resolve consumer and small business disputes.
Enforcement
ASIC, APRA Granted New Intervention Powers
By Editors | 05/04/2019
ASIC can intervene where financial and credit products put consumers at risk; APRA can intervene to prevent harm to superannuation members.
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