Enforcement

NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.

The SFC has fined BMI Securities HK$3.7mn and suspended one of its responsible officers for failures to comply with AML/CFT obligations.

“Whistleblowing is a critical avenue for those wanting to shine a light on wrongdoing within regulated entities,” said RBNZ head of supervision Andy Wood.

1MDB sorely tested principles-based regulation and compliance at Goldman Sachs. But, the bank was likely set up as a victim from the very beginning, says Peter Guy.

The bills introduce a best-interests duty for mortgage brokers, ban unfair contract terms in insurance, and enable ASIC to more effectively enforce existing laws.

The Regulatory Bulletin offers case studies illustrating the SFC’s key areas of concern and recent regulatory interventions in IPO applications and corporate transactions.

Australia's new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.

A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.

The analyst traded stocks covered in research reports he prepared through his father's securities trading account held at another brokerage.

The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.