Enforcement

Taiwan has passed a legislative amendment raising the ceiling for fines against Chinese investment into local companies without authorisation.

Three individuals have received lengthy bans, in addition to jail terms, for "criminal conduct at the expense of their customers".

The employee allegedly used a group supervisor's password to access the funds, which were used to buy apartment units in the US, Greece and Japan.

Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.

Goldman Sachs India Investment, along with three other offenders, has been fined for naked shorting by South Korean authorities

A new law has made it mandatory for all financial firms to fully cooperate with AFCA to resolve consumer and small business disputes.

ASIC can intervene where financial and credit products put consumers at risk; APRA can intervene to prevent harm to superannuation members.

APRA and ASIC will get more than A$550mn in funding to enhance their effectiveness in addressing financial sector misconduct.

A consultation proposes the creation of a nomination committee comprising external experts to recommend a self regulatory organisation for mutual fund distributors and advisers to curb mis-selling.

The UN Security Council has adopted a resolution calling on member states to beef up efforts to identify, prosecute and penalise those directly or indirectly financing terrorism.