Enforcement

Australian Regulator Launches CBA Inquiry

APRA inquiry to look at whether governance, culture and accountability frameworks conflict with ‘sound risk management and compliance outcomes’.

Korea Toughens Short-selling Rules

Measures are expected to sharply increase incidences of excessive short selling; new categories of offence come with heavier maximum penalty.

Philippine Central Bank Strengthens Compliance Standards

Chief compliance officer must be full-time, boards given overarching responsibility; foreign banks must translate all documents into English.

Cybercrime Threatening Market Integrity – ASIC

Australian regulator says market integrity will be a top priority over the next six months amid a surge in related misconduct issues.

Japan FSA to Set up Anti Cybercrime, Money Laundering Bureau

Internal reorganisation acknowledges growing role of fintech, which will be regulated by FSA Planning and Coordination Bureau with enhanced powers.

Indian Brokers’ AML Compliance Under Heightened Scrutiny

SEBI warned nearly 500 entities on possible money laundering over the last financial year; conducted 245 investigations into illegal stock market activity.

China Financial Regulation Needs to be Stronger Still – IMF

IMF praises measures such as inclusion of WMPs in bank assessments but cites concerns about growth in debt and banking sector assets.

CBA in Alleged ‘Serious’ Breach of AML/CTF Rules

AUSTRAC began civil proceedings against the CBA for “serious and systemic” failure to comply with the AML and counter-terrorism financing laws.

Hong Kong Regulator ups Penalties Against Individuals

Fines against individuals as opposed to corporates were up in Hong Kong, a 63% increase in fines from the year before.

China Financial Futures Exchange Ups Enforcement