Financial Crime

Fraud, Scams & Cybercrime

Two Former NAB Employees Receive Lifetime Ban for Loan Fraud

By Emma Zhou | 06/07/2018

ASIC investigation revealed the two provided false payslips and letters of employment, among other documents, in support of loan applications.

Fraud, Scams & Cybercrime

New Zealand Court Jails Ponzi Scheme Operator for 7.5 Years

By Manesh Samtani | 05/07/2018

Over 900 investors were persuaded to invest over NZ$8mn with registered foreign exchange provider BlackfortFX, though the firm did not conduct any investment activity.

KYC & CDD

Tax Law Forces New Zealand Banks to Freeze Accounts

By Manesh Samtani | 04/07/2018

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.

Anti-Money Laundering

CBA Faces Investor Class Action

By Garima Chitkara | 04/07/2018

The Commonwealth Bank of Australia is being sued by a class of investors backed by large institutional investors in Australia, Europe and North America for disclosure failures that artificially inflated the bank’s share price.

Supervision & Enforcement

Former Vietnamese Central Banker Sentenced To Three Year Jail Term

By Garima Chitkara | 04/07/2018

Former SBV deputy governor received a three year jail sentence for his role in a mismanagement and loan underwriting scandal that led to losses of $655 million at Vietnam Construction Bank

Fraud, Scams & Cybercrime

China Toughens Regulations Amid Multiple P2P Lender Collapses

By Emma Zhou | 03/07/2018

As numerous P2P lenders collapse in China , including 28 firm in the final week of June, authorities are ramping up efforts to strengthen regulations in the sector.

Anti-Money Laundering

FATF Evaluation Underlines AML/CTF Urgency for Chinese Banks

By Ben AuYeung | 03/07/2018

AML/CTF will be pushed further into the regulatory spotlight in coming months as China gears up for the fourth round of mutual evaluations led by the FATF and APG. Whatever the results of the exercise, it will serve as a clear reminder that banks need to take proactive steps to meet inevitable regulatory demands.

Payments & Settlements

China Tightens Rules for Third Party Payment Providers

By Emma Zhou | 02/07/2018

Payment firms required to gradually increase reserves to 100% of client funds and to deposit all reserves at central custodian by 14 January; All online payments to be settled by central bank clearinghouse moving forward.

Market Abuse

NZX Lacking in Market Surveillance Obligations – FMA

By Manesh Samtani | 02/07/2018

New Zealand FMA says information provided by NZX surveillance team was below its expectations and questions the market operator’s ability to detect misconduct; NZX to recruit additional resources to resolve the issue.