Enforcement

Enforcement

Japan’s Suruga Bank Under Fire for Potentially Illegal Loans

By Manesh Samtani | 22/08/2018

Draft report by investigative panel says the bank’s management failed to take reasonable caution against lending malpractice involving the falsification of documents.

Enforcement

CSRC Bars Dagong from Ratings Business for One Year

By Garima Chitkara | 20/08/2018

The ratings agency is a target of an investigation by the securities regulator for poor governance and risk management following a spate of overly optimistic ratings given to local issuers.

AML / KYC

HKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures

By Editors | 20/08/2018

The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.

Enforcement

New Zealand FMA Work Plan to Focus on Conduct, Culture

By Garima Chitkara | 16/08/2018

New Zealand’s Financial Markets Authority expects firms to put customer interests first; work plan to focus on conduct, culture, governance.

Enforcement

Royal Commission Hears Full Extent of NAB ‘Fees-for-no-service’ Failings

By Manesh Samtani | 15/08/2018

NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.

Enforcement

Market Conduct Committee Calls for Greater Enforcement Powers for SEBI

By Garima Chitkara | 13/08/2018

A committee looking at fair market conduct has proposed greater powers for SEBI to go after insider trading, including the power to intercept phone and electronic communications.

Enforcement

UPDATED – CSRC Hits Celebrity Trader with $260mn Market Manipulation Penalty

By Editors | 13/08/2018

Celebrity trader Gao Yong used his control over 16 securities accounts to manipulate stock prices, profiting by almost CNY 900 million in just six months.

Enforcement

ASIC Gets A$70mn, New Powers to Boost Enforcement Capabilities

By Garima Chitkara | 13/08/2018

Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.

AML / KYC

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

By Manesh Samtani | 13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.