Enforcement

ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.

The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to "fund a lavish lifestyle".

The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.

Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.

The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.

The decision effectively revives a suit by a group of investment funds against major banks over their alleged manipulation of yen LIBOR and euroyen TIBOR between 2006 and 2011.

Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.

A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.

The chief operating officer of Nasdaq-listed Luckin Coffee, along with his employees, are said to have fabricated about $310mn worth of sales transactions.

Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.