China is planning to install anti-graft officials at some of the largest state-owned financial institutions in the country, according to an SCMP report.
Malaysian politician Anwar Ibrahim told Bloomberg it would be “inexecusable” if the bank was itself found complicit in money laundering and bribery related to the state development fund.
JPMorgan and Citibank are still being investigated in an ongoing price manipulation probe by the Fair Trade Commission and FSS which dates back to 2011, reports local media.
Following Royal Commission findings that APRA never took a financial institution to court, the agency said it needed more funding to take a more aggressive enforcement approach.
AFCA will influence reform in financial services by raising standards and improving internal practices to reduce and resolve disputes, said the body's independent chair Helen Coonan.
The 500 billion won fund will start investing in the KOSDAQ from November. Separately, market participants will establish an emergency monitoring system to better respond to instability.
The FSC has fined the bank $129,000 for internal control failures that allowed two of its officers to misappropriate client funds, and ordered it to dismiss the officers responsible.
ASIC officials will begin working at CBA starting from next week and will go in and out of other institutions, focusing on institutional behaviour and decision making.
The regulator is trying to prevent the use of consumer credit in speculative investments as part of its efforts to curb risks to the financial system.
The Royal Commission has reinforced that the financial industry has abandoned its core role of being custodians of other peoples’ money, said ASIC chair James Shipton.