Enforcement

Enforcement

Former PBOC Official Under Probe for ‘Legal Violations’

By Editors | 08/11/2019

Reports indicate the investigation might be related to third-party payment licences issued by the central bank between 2011 and 2015.

Enforcement

SFC Bans Former HSBC Relationship Manager for One Year

By Editors | 07/11/2019

The former relationship manager used incomplete application forms pre-signed by the client to effect unit trust transactions without specific authorisation.

Enforcement

China Forestry Liquidators File Lawsuit Against Pre-IPO Auditor

By Editors | 05/11/2019

The plaintiffs allege that KPMG “negligently failed to identify that they were the victims of a serious and pervasive false accounting by former members of executive management.”

Enforcement

ASIC Initiates Civil Penalty Proceedings Against Former ANZ Business

By Editors | 04/11/2019

ASIC says that RI Advice Group, acquired by IOOF from ANZ last year, failed to take reasonable steps to ensure that one of its advisers, John Doyle, provided appropriate advice and acted in clients’ best interests.

Enforcement

Annual Report Shows FMA Exceeded Litigation Budget by 50pc

By Editors | 03/11/2019

The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.

Enforcement

SFC Fines China Rise for Short Selling, Cross Trading Breaches

By Editors | 31/10/2019

China Rise’s former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.

AML / KYC

US Agrees to $700mn Settlement with 1MDB Financier Jho Low

By Manesh Samtani | 31/10/2019

The proposed settlement would resolve civil forfeiture cases tied to Low, but does not release him from other criminal charges. Low gets to keep $15mn to pay his lawyers.

Enforcement

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

By Editors | 31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.

Enforcement

ASIC Wins Appeal in Westpac Super Switching Case

By Editors | 29/10/2019

The ruling could limit the ability of financial services firms to market and cross-sell investment products using the ‘general advice’ allowance under the law.