Enforcement

Enforcement

AMP Units Pay ASIC Penalties for Trade Reporting Failures

By Editors | 18/03/2020

The AMP entities failed to report information about over 1,000 derivatives transactions and to correctly report collateral information about over 19,000 transactions over several years.

Enforcement

ASIC Launches Civil Proceedings Against Commonwealth Bank

By Editors | 17/03/2020

CBA said it intends to admit the allegations ASIC has made in each of the two cases, and does not intend to defend against the proceedings.

Enforcement

Bank of Communications Manager Gets Nine Years Jail for Bribery

By Editors | 12/03/2020

The former manager accepted more than 10 million yuan in bribes and embezzled a further 820,000 yuan, representing illegal gains from organising employee competitions and events.

Enforcement

SFC Considers Easing Data Storage Rules – Report

By Editors | 11/03/2020

Industry bodies are reportedly working with the SFC to clarify the rules and make compliance easier, though it is unclear what specific steps it will take to ease the requirements.

AML / KYC

India: Yes Bank Co-founder Arrested Over Illicit Kickbacks

By Editors | 10/03/2020

The arrest comes just days after the RBI seized control of Yes Bank due to its inability to raise capital to restore liquidity and address loan losses and credit downgrades.

Enforcement

Woori Financial Chair Seeks Injunction Against FSS Sanctions

By Editors | 10/03/2020

If the injunction is granted, it could clear the path for Woori Financial Group chairman Sohn Tae-sung to lead the group for another three-year term.

AML / KYC

New Zealand Takes First Criminal Action Under AML/CFT Act

By Editors | 05/03/2020

A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.

Enforcement

Korea: Woori, Hana Barred from Selling PE Funds for Six Months

By Editors | 04/03/2020

Woori Bank and Hana Bank are additionally being fined 19.71bn and 16.78bn won, respectively, for mis-selling of derivatives-linked funds.

AML / KYC

Australia: Pre-insolvency Adviser Gets 5 Years Jail for Money Laundering

By Editors | 02/03/2020

The adviser helped a former company director illegally remove company assets to prevent creditors from accessing them post-winding up.