ENFORCEMENT

Enforcement

MAS Bans Two Former Insurance Agents for Dishonest Conduct

By Editors | 02/12/2020

Former representatives of Aviva Financial Advisers and Great Eastern Life were banned for misconduct in the selling of integrated shield policies.

Enforcement

ASIC Files Court Proceedings Against CBA for Overcharged Interest

By Sanday Chongo Kabange | 02/12/2020

The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

Enforcement

Former Convoy Executives Found Not Guilty in ‘Enigma Network’ Case

By Editors | 02/12/2020

The judge ruled that the evidence provided by prosecutors was not sufficient to prove there was any attempt to deceive the stock exchange or Convoy directors or investors.

AML / KYC

EU Set to Formalise Magnitsky-style Sanctions Regime

By Editors | 29/11/2020

New legislation provisionally agreed by member states will allow the EU to target individuals who commit gross human rights violations irrespective of nationality.

Enforcement

US OCC Fines JPMorgan for Weak Controls Over Fiduciary Activities

By Editors | 29/11/2020

The deficiencies identified by the OCC constituted unsafe or unsound practices that were part of “a pattern of misconduct”, says the consent order.

Enforcement

Prosecutors Assess Whether EY Acted Criminally During Wirecard Audits

By Editors | 29/11/2020

Germany’s audit supervisor has reportedly told prosecutors that EY may have violated its legal due diligence and reporting obligations during its Wirecard audits.

AML / KYC

Philippines Approves House Bill to Strengthen AML Law

By Editors | 26/11/2020

The amendments will bring precious metals dealers, casinos and real estate brokers and developers into scope under the Anti-Money Laundering Act.

AML / KYC

RBNZ Investigates Two Banks Over AML Compliance

By Editors | 26/11/2020

The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.

Enforcement

SFC Bans Ex Sun Hung Kai Account Exec Over Discretionary Trading

By Editors | 26/11/2020

The former licensed representative effected transactions in two clients’ accounts on a discretionary basis without obtaining prior written authorisations or senior management approval.