Enforcement

A Quinn Emanuel class action "was no longer in the interests of group members to continue" following last year's dismissal of APRA's lawsuit against IOOF.

Guangdong-based Cornerstone Management reportedly lost 70% in two funds after promising a minimum 8% annual return.

EY's 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

The Taiwan branch of Cardif Assurance Vie was fined for collaborating with banks to get clients to borrow money against old policies to buy new insurance products.

The firm failed to comply with product due diligence requirements, client suitability obligations and specific guidance on the sale of fixed income products.

Nasdaq will put a minimum $25mn value on the size of IPOs, making it harder for some Chinese firms to pursue a listing. A delisting notice has been filed against Luckin Coffee.

The brokerage failed to implement adequate and effective policies and procedures to mitigate AML/CFT risks associated with third party deposits.

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

The company and 21 of its employees have also been fined for using false documents and transaction records to inflate cash positions.

While Westpac made a number of admissions regarding AUSTRAC's claims, the bank said the majority of its international money transfers were correctly reported.