Enforcement

Enforcement

Westpac to Pay Record A$35mn for ‘Responsible Lending’ Breach

By Manesh Samtani | 05/09/2018

Westpac Bank’s automated credit assessment system approved 10,500 home loans between 2011 and 2015 which should not have been automatically approved; the system has since been upgraded.

AML / KYC

Convicted Finance Director Sentenced in New Zealand For AML Breaches

By Garima Chitkara | 04/09/2018

New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.

Enforcement

Former Shinhan Bank Employees Arrested Over Hiring Malfeasance

By Garima Chitkara | 03/09/2018

Prosecutors allege that four bank employees, two of which are under arrest, gave preferential treatment to the children of influential former Shinhan bank executives, regulatory officials and senior bureaucrats.

Enforcement

Chinese Police Detain Fugitive Hedge Fund Manager

By Editors | 31/08/2018

The chairman of Shanghai Fuxing Group fled the country in June amid allegations of market manipulation, after defaulting on bank loans and $2.6bn in investor payouts.

Enforcement

MAS Bars Former UOB Officer for 12 Years

By Editors | 31/08/2018

The ex-UOB employee, without a capital markets services licence, had setup a company to invest on behalf of other investors, and later misappropriated SG$520,000 entrusted to him by clients.

Enforcement

NAB, CBA Could Face Criminal Charges: Australian Royal Commission

By Garima Chitkara | 27/08/2018

Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.

Enforcement

EY, Two Partners Fined for Audit Failures on 20-Year Old Stock Listings

By Garima Chitkara | 27/08/2018

EY and two of its partners were collectively fined HK$700,000 plus HK$1.5mn in legal costs for failing to properly audit the financial statements of three firms that went bust soon after being listed.

Enforcement

China Sees Largest Ever Theft of User Data

By Editors | 23/08/2018

Shenzhen-listed Ruizhi Huasheng Technology, a third party developer for state-run mobile carriers, stole up to 3 billion pieces of user data from 96 companies including Alibaba, Tencent and Baidu.

Enforcement

Hong Kong Forex Broker Fined for Mishandling Client Money

By Editors | 23/08/2018

HPI Forex Limited transferred client money from segregated client account to two overseas brokers, breaching the Code of Conduct and the SFC’s client money rules.