A series of class actions for millions of super fund customers could cost Australian financial institutions up to A$1bn.
ASIC Commissioner John Price laid out the regulator’s priorities regarding conduct and culture risk in the financial industry in the coming year.
Union Bank of India, Bank of India and Bank of Maharashtra are each fined 10 million rupees.
Two wealth management divisions of NAB are the subject of civil proceedings in an Australian Federal Court for charging over half a million customers fees for no services.
The HKMA's guidance note expressly signals its desire to encourage and facilitate cooperation in investigations and enforcement proceedings, noting time, cost and resource savings for the regulator and institutions or individuals concerned.
Westpac Bank’s automated credit assessment system approved 10,500 home loans between 2011 and 2015 which should not have been automatically approved; the system has since been upgraded.
New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.
Prosecutors allege that four bank employees, two of which are under arrest, gave preferential treatment to the children of influential former Shinhan bank executives, regulatory officials and senior bureaucrats.
The chairman of Shanghai Fuxing Group fled the country in June amid allegations of market manipulation, after defaulting on bank loans and $2.6bn in investor payouts.
The ex-UOB employee, without a capital markets services licence, had setup a company to invest on behalf of other investors, and later misappropriated SG$520,000 entrusted to him by clients.