Enforcement

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.

CBIRC spot checks have revealed that small businesses were forced to buy in-house insurance products as conditions for obtaining financing at Beijing branches of the two banks.

According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

A settlement clerk siphoned client securities into a private account and sold them over eight years, leaving a $13.8 million hole in R&L Investments’ books.

Regulators and FIs alike have an important part to play to build trust in the financial industry, MAS deputy managing director Ong Chong Tee said in a speech on Saturday.

NAB’s annual report says the bank has reported "a number of" AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

CEFC Shanghai Securities Co used its own and client funds to provide financing to its parent and other affiliated companies for purchasing and leasing properties.

For ban follows a February 2018 conviction, where the former responsible officer was sentenced to 45 months’ imprisonment and ordered to pay HK$6.4mn to Deutsche Bank AG in restitution.

The MAS penalty follows similar action taken against UBS by the Hong Kong SFC to penalise the bank and demand compensation for clients that were overcharged over a ten-year period.