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Enforcement
Australia Considers Legislation to Make Boards Liable for Cyber Risk
By Editors | 17/03/2021
Legislation currently before Parliament includes security obligations for entities responsible for critical infrastructure, a list that will be significantly expanded.
Enforcement
CSRC Fines Fund Manager ¥1.1m for Fraud, Embezzlement
By Editors | 16/03/2021
Cornerstone Capital’s controlling shareholder was also fined for fabricating the financials of funds managed by the firm.
Enforcement
Woori Accepts FSS Compensation Guideline for Lime Losses
By Editors | 15/03/2021
Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.
AML / KYC
SFC Fines Sino-Rich Securities & Futures for AML Breaches
By Editors | 15/03/2021
Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.
Enforcement
Singapore Court Jails, Fines Ex-Director for False Trading
By Editors | 15/03/2021
The former director of investment and corporate advisory firm WLA Regnum was jailed and fined for false trading and deceiving UOB Kay Hian.
Enforcement
ASIC Imposes Licence Conditions on OTC Derivatives Issuer AxiCorp
By Editors | 15/03/2021
ASIC has agreed to set aside a January 2020 decision to suspend AxiCorp’s AFS licence following the imposition of additional licence conditions.
AML / KYC
APRA Ends Westpac Probe into Possible Banking Law Breaches
By Editors | 14/03/2021
The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.
Enforcement
NZ Court Fines ANZ Over Credit Card Repayment Insurance
By Editors | 13/03/2021
The judge said ANZ should have been “sufficiently robust” in its ability to detect issues early, given its size, resources and position in New Zealand’s market.
AML / KYC
HK Court Sentences Two for Mortgage Fraud, Money Laundering
By Ranamita Chakraborty | 13/03/2021
A ICAC investigation found that two former employees of a law firm defrauded licensed money lenders of mortgage loans totalling HK$20mn.
Enforcement
S. Korea Amends Bill to Protect Private Equity Fund Investors
By Ranamita Chakraborty | 11/03/2021
The revision bill addresses issues with feeder funds, cross investing between PEFs managed by the same entity, and inappropriate sales activities involving coercive sales tactics.
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