Enforcement

Crypto / Digital Assets

Crackdown on Illegal Financing to Continue – PBOC

By JP Reimann | 26/04/2018

China’s central bank issued a warning on all illegal fundraising, including through financing intermediaries, online finance platforms, real estate, agriculture, ICOs.

Enforcement

FSB Publishes Toolkit on Combatting Misconduct

By Editors | 24/04/2018

Toolkit offers options on standards and codes of behavior, measures related to wholesale market conduct, guidance on compensation, and tools for strengthening governance.

AML / KYC

Sri Lanka Affirms Commitment to Preventing Financial Crime

By Editors | 23/04/2018

As the country looks to increase grass-roots access to finance, it will require greater engagement with the international financial community, requiring greater focus on preventing financial crime.

Enforcement

Australia Toughens Criminal, Civil Penalties for Misconduct

By Manesh Samtani | 22/04/2018

Criminal offences can result in 10 years imprisonment or $725,000 for individuals; or the larger of $7.25 million, 3 times the benefits, or 10% of annual turnover for companies.

Enforcement

Indonesia to Limit Cash Transactions to Curb Corruption

By Editors | 22/04/2018

Proposed bill will limit cash payments by corporations and individuals to a maximum of IDR100 million, or USD7,200.

Enforcement

ASIC Seeks Powers to Hasten Bank Remediation

By Manesh Samtani | 20/04/2018

Australian banks take on average over 4 years to identify misconduct, over 4 months to report it, over 7 months post-investigation to compensate customers.

Enforcement

Australia Consults on Enforcement Powers for Client Money Rules

By Editors | 19/04/2018

Draft law provides ASIC with wider range of tools to enforce better protections for client money held for OTC derivatives.

Enforcement

S.Korea FSS Chief Resigns Just Weeks into The Job

By Editors | 19/04/2018

Election watchdog finds governor Kim Ki-sik in violation of laws for overseas trips sponsored by financial institutions and political donations.

Enforcement

Australia Royal Commission Finds AMP Repeatedly Deceived Regulator

By Manesh Samtani | 19/04/2018

Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.