Enforcement

Enforcement

APRA to Publish Names of Worst Performing Super Funds

By Editors | 15/03/2019

APRA plans to publish the names of Australia’s worst performing superannuation funds in a drive to improve investor outcomes, standards and accountability in the industry.

AML / KYC

Anarchy in the UK’s Sanctions Regime

By Eric A. Sohn | 13/03/2019

In light of the OFSI’s recent fine on Raphaels Bank, Eric Sohn at Dow Jones Risk & Compliance looks at other seemingly outsized penalties, and what they could mean.

Enforcement

Australian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC

By Editors | 12/03/2019

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.

Enforcement

UBS, StanChart to Settle Hong Kong IPO Misconduct Case

By Editors | 12/03/2019

The case goes back to the 2009 listing of a Chinese timber company, which was later suspended for accounting irregularities. Details of the settlement will be released at a later date.

Enforcement

SWIFT Related Fines Imposed by RBI Total $10mn Across 36 Banks

By Editors | 11/03/2019

The number of banks fined by the RBI for failing to integrate their core banking systems with SWIFT has now risen to 36, with fines totaling $10.16mn.

Enforcement

AFCA Finalises Over 18,000 Complaints in Four Months

By Editors | 08/03/2019

Australia’s four months old ‘one stop shop’ for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.

Enforcement

S. Korea Mulls Granting Investigative Powers to FSS

By Editors | 06/03/2019

Under the new approach, the FSS will be able to launch investigations without having to first report to the FSC and request warrants to search and seize evidence.

Enforcement

UPDATED – RBI Fines Multiple Banks for SWIFT Integration Non-Compliance

By Editors | 05/03/2019

The penalties follow directions issued by the RBI in February 2018 requiring banks to link their core banking systems with the SWIFT network.

Enforcement

ASIC to Automate Detection of Misleading Advertising Through AI

By Editors | 05/03/2019

ASIC is looking to engage with regtech firms to develop systems that use artificial intelligence to detect misleading advertising and spot disclosure problems in financial advice.