Enforcement

Enforcement

NAB Provisions Extra A$750mn for Customer Refunds

By Editors | 19/04/2019

The additional provisions reflect expected payouts for NAB’s employed advisers, and the costs to review advice provided by its self-employed adviser network.

AML / KYC

Singapore Charges its First National for Terrorism Financing

By Editors | 17/04/2019

Singapore’s Ministry of Home Affairs has confirmed that a Singaporean man has been charged for allegedly financing the publication of ISIS propaganda.

Enforcement

APRA Adopts New, Tougher Enforcement Approach

By Editors | 17/04/2019

Under the new enforcement approach, APRA will be more willing to use its full range of powers to deter bad practices and hold entities and individuals to account.

Enforcement

Citigroup Australia to Refund Customers for Complex Product Losses

By Editors | 16/04/2019

The A$3mn compensation programme follows an ASIC investigation which found that 114 retail investors lost money from investing in complex products based on improper advice.

Enforcement

Deloitte Indian Unit Under Investigation in IL&FS Case

By Editors | 16/04/2019

A letter from a whistleblower at Deloitte’s local India unit has triggered a malpractice investigation into its role as auditor for the troubled IL&FS group.

Enforcement

Goldman, Credit Suisse Raided in Seoul in Samsung BioLogics Probe

By Editors | 15/04/2019

Prosecutors are reportedly looking for information about a scrapped Nasdaq listing of a Samsung BioLogics subsidiary, to shed light on possible accounting irregularities.

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’.