ENFORCEMENT

Enforcement

Federal Court Orders AustralianSuper to Pay A$27m Penalty

By Thisanka Siripala | 24/02/2025

AustralianSuper failed to merge duplicate accounts, resulting in members incurring redundant administration fees, insurance premiums, and lost investment earnings.

Enforcement

FSS Korea’s 2025 Inspection Strategy to Target Internal Controls

By Thisanka Siripala | 23/02/2025

The FSS will conduct 9% more inspections in 2025 compared to 2024, focusing on areas such as internal controls, risk prevention, misconduct, and high-risk product sales.

Enforcement

FTX Begins Creditor Repayments After Three-Year Wait

By Nithya Subramanian | 23/02/2025

The FTX estate has started distributing funds to creditors, with initial payouts prioritising small claims under $50,000.

Enforcement

DBS Wealth Manager Pleads Guilty on Cheating Charges

By Nithya Subramanian | 21/02/2025

The former bank employee lured clients into making investments and then had them transfer funds into his personal accounts.

Enforcement

FSC Korea Fines Nine Securities Firms for Capital Market Act Violations

By Thisanka Siripala | 21/02/2025

Nine firms were fined a combined $240mn for misconduct involving their handling of bond-type wrap products and trusts for clients.

Enforcement

India Enforcement Directorate Seizes $190m Related to BitConnect Scam

By Nithya Subramanian | 21/02/2025

The ED the f’s investigation revealed that the founder of BitConnect and his associates ran an unregistered, fraudulent investment scheme.

AML / KYC

Digital Currency Exchanges on Notice Amid AUSTRAC Compliance Blitz

By Nathan Lynch | 20/02/2025

Crackdown from AUSTRAC could be just the tip of the iceberg for crypto exchanges, as some could also face follow-up enforcement action.

Enforcement

Indian Tax Authorities Hit Aviva with $7.5m Fine

By Nithya Subramanian | 19/02/2025

Tax authorities said by using fraudulent invoices and cash payments, Aviva wrongly claimed tax credits and evaded taxes.

Enforcement

Mizuho Bank Discloses Safe Deposit Box Theft from 2019

By Thisanka Siripala | 19/02/2025

Mizuho Bank said it tightened its system of storing spare keys after an employee stole from customer safe deposit boxes in 2019.