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Enforcement
Australian Court Fines Colonial First State for Misleading Members
By Editors | 19/10/2021
The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.
Enforcement
NZ FMA Censures Jarden Securities for Client Money Breaches
By Editors | 19/10/2021
OM Financial, which amalgamated with Jarden in March 2021, transfered its own money into the trust account designated to hold investor money.
Enforcement
SFC Penalises IPO Sponsor Over Substandard Due Diligence Work
By Editors | 18/10/2021
Ample Capital Limited failed to conduct adequate due diligence on suspicious cash settlements and to keep proper records of its due diligence work.
Enforcement
RBI Penalised StanChart, SBI for Regulatory Violations
By Editors | 18/10/2021
The RBI cited non-compliance with its directions on customer protection, cybersecurity, outsourcing, and reporting.
Enforcement
HK Court Jails Former Convoy, Gransing Executives
By Editors | 17/10/2021
Former Convoy executives conspired to dishonestly arrange for bond placement commissions to be diverted to a company they substantially owned.
AML / KYC
OFAC Issues Sanctions Guidance for Crypto Sector
By Editors | 17/10/2021
OFAC expects virtual currency operators to identify and block IP addresses that originate in sanctioned jurisdictions, including via VPNs.
Enforcement
CBIRC Fines Privately Owned Banks Over Poor Risk Controls
By Editors | 15/10/2021
The fine against Chongqing Fumin Bank was the largest ever against a privately owned bank. Two others were also penalised.
Enforcement
RBNZ Consults on Approach to Enforcement Decision-making
By Editors | 14/10/2021
A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ’s enforcement decision-making process moving forward.
Enforcement
Hong Kong Police Arrest 32 Over PLGS Loan Fraud
By Sanday Chongo Kabange | 13/10/2021
A syndicate with triad links allegedly use cold calls and posed as bank staff to lure victims into the illicit scheme promising government-guaranteed low-interest loans.
Enforcement
China Launches Inspections of Financial Regulators, State Banks
By Editors | 13/10/2021
Inspection teams will be dispatched to the PBOC, CBIRC, CSRC, stock exchanges, and state-owned banks and asset managers to identify corruption.
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