Enforcement

Westpac Bank’s automated credit assessment system approved 10,500 home loans between 2011 and 2015 which should not have been automatically approved; the system has since been upgraded.

New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.

Prosecutors allege that four bank employees, two of which are under arrest, gave preferential treatment to the children of influential former Shinhan bank executives, regulatory officials and senior bureaucrats.

The chairman of Shanghai Fuxing Group fled the country in June amid allegations of market manipulation, after defaulting on bank loans and $2.6bn in investor payouts.

The ex-UOB employee, without a capital markets services licence, had setup a company to invest on behalf of other investors, and later misappropriated SG$520,000 entrusted to him by clients.

Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.

EY and two of its partners were collectively fined HK$700,000 plus HK$1.5mn in legal costs for failing to properly audit the financial statements of three firms that went bust soon after being listed.

Shenzhen-listed Ruizhi Huasheng Technology, a third party developer for state-run mobile carriers, stole up to 3 billion pieces of user data from 96 companies including Alibaba, Tencent and Baidu.

HPI Forex Limited transferred client money from segregated client account to two overseas brokers, breaching the Code of Conduct and the SFC’s client money rules.

Chinese police have arrested three individuals who allegedly hacked computers belonging to individuals and companies to steal 600 million yuan in bitcoin and ether.