ENFORCEMENT

AML / KYC

Japan FSA Orders Business Improvement, Closures at Crypto Exchanges

By Manesh Samtani | 10/03/2018

Five exchanges including recently-hacked Coincheck ordered to improve internal controls; two exchanges ordered to halt services.

Enforcement

Sri Lanka to Bail Out Finance Company Depositors

By Editors | 09/03/2018

The central bank has cancelled troubled finance company CIFL’s licence and doubled the maximum deposit insurance payout for each depositor.

Enforcement

SBI Fined for Noncompliance with Counterfeit Currency Rules

By Editors | 08/03/2018

Central bank investigators found that State Bank of India had not complied with rules on detection and impounding of counterfeit notes.

Enforcement

S. Korea Seeks Powers to Fine False-Name Bank Accounts

By Editors | 07/03/2018

Legislative reforms aimed at granting FSC powers to collect fines of over 50 percent of assets found in false-name bank accounts.

Enforcement

RBI Fines Axis Bank $460,000 for Bad Loan Classification Failures

By Editors | 07/03/2018

Statutory inspection revealed gross NPAs higher than Axis Bank’s reported numbers; Indian Overseas Bank also fined for KYC failures.

Enforcement

Vietnam Banks Ordered to Improve Internal Security

By Editors | 07/03/2018

Central bank instructs commercial lenders to improve staff oversight, upgrade security technology and boost fraud-related information sharing.

Enforcement

ASIC Consults on Oversight of New Financial Complaints Body

By Editors | 06/03/2018

The regulator seeks feedback on whether firms need transitional relief from dispute resolution disclosure obligations in the lead up to the new body’s commencement in November.

Enforcement

India Approves Independent Audit Oversight Body

By Editors | 05/03/2018

The new body will have powers to impose penalties or debar chartered accountants or their firms for up to ten years.

AML / KYC

CBA Defends Against Regulators’ Allegations

By Manesh Samtani | 01/03/2018

The bank says its employees did not adversely impact the BBSW as ASIC claims, denies AUSTRAC allegations of systemic AML noncompliance.