The overseas transfers were reportedly used by mainland residents to participate in online gambling sites tied to popular Macau casinos with international licenses.
The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.
Citi’s UK failings led to “significant errors” in the firms’ returns, preventing the Prudential Regulation Authority from obtaining an accurate picture of its capital or liquidity position.
The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.
Bank of New Zealand is the third of the big four banks in New Zealand to be forced to hold more capital as a result of capital calculation errors.
Law firm Slater and Gordon has launched class actions against ANZ and Westpac over the sale of consumer credit insurance products, on the heels of winning a near A$50m settlement from NAB.
Listed entities should disclose counterparties’ controllers and beneficial owners in corporate transactions. Asset managers should maintain effective controls to detect dubious arrangements or transactions.
The penalty will be in addition to the A$12mn CommInsure has said it will pay to 30,000 policyholders to remediate telephone sales conduct issues.
Gu Guoming was reportedly found to have been involved in ‘serious corruption’, taking “an extremely large amount” of bribes and using his position to seek benefits for friends and relatives.
Mathew Alwan was permanently banned by ASIC last year and pleaded guilty to ‘intention to defraud’ earlier this year for making false or misleading statements to NAB.