Enforcement

Enforcement

Australia Expands Remit of New Financial Complaints Authority

By Editors | 21/02/2019

As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.

Enforcement

Hong Kong Finance Manager Convicted of Insider Dealing

By Editors | 21/02/2019

A GEM stock finance manager was in possession of inside information related to unaudited losses and an impending share suspension when he and his father sold their shares in the company.

Enforcement

China Freezes $1.5bn in Assets, Arrests 62 in P2P Purge

By Editors | 20/02/2019

Since last June, a crackdown on peer-to-peer lenders by China’s Ministry of Public Security, codenamed ‘Fox Hunt’, has yielded $1.5bn in seized assets and 62 arrests.

Enforcement

ASIC Issues Update on Implementation of Hayne Recommendations

By Editors | 20/02/2019

ASIC is considering over 40 enforcement cases, a number of which involve misconduct by large financial institutions, their employees or subsidiary companies.

Enforcement

Former Bangladesh Bank Official Jailed for Graft

By Manesh Samtani | 19/02/2019

A former Bangladesh Bank assistant director was fined and sentenced to 10 years in jail for misappropriating $61,700 more than 20 years ago.

AML / KYC

SFC Fines Guosen Securities $1.94mn for AML Breaches

By Editors | 19/02/2019

The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.

Enforcement

Senate Passes Bill Empowering ASIC to Pursue Harsher Penalties

By Editors | 15/02/2019

The bill increases the maximum prison penalties ASIC can pursue to 15 years, and raises the caps on civil penalties for individuals and corporations.

Enforcement

US SEC Charges Deloitte Japan for Auditor Independence Violations

By Editors | 14/02/2019

Deloitte Japan agreed to pay $2mn to settle charges related to audit reports it issued while dozens of its employees maintained financial relationships with the audit client.

Enforcement

Sydney Deutsche Bank Trader Convicted for Falsifying Trades

By Editors | 13/02/2019

A former FX options and futures trader has received a 2-year suspended sentence for falsifying entries in Deutsche Bank’s internal records.