Enforcement

Enforcement

MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct

By Editors | 11/04/2019

Three individuals have received lengthy bans, in addition to jail terms, for “criminal conduct at the expense of their customers”.

Enforcement

UniCredit China Employee Embezzled $15mn of Client Money

By Editors | 10/04/2019

The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.

AML / KYC

Standard Chartered Fined Over $1bn by US, UK Authorities

By Editors | 10/04/2019

Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.

Enforcement

S. Korea Fines Another Goldman Affiliate for Naked Short Selling

By Editors | 10/04/2019

Goldman Sachs India Investment, along with three other offenders, has been fined for naked shorting by South Korean authorities

Enforcement

Australia Passes Law Forcing Financial Firms to Cooperate with AFCA

By Editors | 10/04/2019

A new law has made it mandatory for all financial firms to fully cooperate with AFCA to resolve consumer and small business disputes.

Enforcement

ASIC, APRA Granted New Intervention Powers

By Editors | 05/04/2019

ASIC can intervene where financial and credit products put consumers at risk; APRA can intervene to prevent harm to superannuation members.

Enforcement

Australia Budget Delivers Additional Funding for APRA, ASIC

By Editors | 04/04/2019

APRA and ASIC will get more than A$550mn in funding to enhance their effectiveness in addressing financial sector misconduct.

Enforcement

SEBI Proposes SRO Nomination Plan for Mutual Fund Distributors, Advisers

By Editors | 02/04/2019

A consultation proposes the creation of a nomination committee comprising external experts to recommend a self regulatory organisation for mutual fund distributors and advisers to curb mis-selling.

AML / KYC

UN Security Council Resolution Targets Terrorism Financing

By Editors | 01/04/2019

The UN Security Council has adopted a resolution calling on member states to beef up efforts to identify, prosecute and penalise those directly or indirectly financing terrorism.