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Financial Crime
Fraud, Scams & Cybercrime
Australian Court Orders OnePath Custodians to Pay A$5m Penalty
By Editors | 03/12/2023
OnePath Custodians made false or misleading representations and deducted fees from members for advice services they did not receive.
PEPs & Sanctions
OFAC Sanctions More Companies, Vessels for Breaching Russia Oil Price Cap
By Editors | 03/12/2023
Latest sanctions target companies in the UAE and Liberia and three vessels in response to breaches of the G7 price cap on Russian oil.
Fraud, Scams & Cybercrime
UK Secures Pledges from Global Tech Firms to Tackle Online Fraud
By Sanday Chongo Kabange | 01/12/2023
Signatories pledge to block and remove fraudulent material from their platforms and services and to work closely with law enforcement.
Data Privacy
Legislation Introduced to Expand Australia’s Digital ID System
By Sanday Chongo Kabange | 01/12/2023
The bill introduces a voluntary accreditation scheme for Digital ID service providers, and will allow myGovID to be used in the private sector.
Structural Regulation
US PCAOB Fines Chinese Audit Firm and PwC Units
By Editors | 01/12/2023
PwC’s Hong Kong and China units were fined a combined $7mn for failing to prevent exam cheating by over 1,000 individuals between 2018 and 2020.
Conduct, Culture & Accountability
APRA Publishes Additional Data on Super Fund Underperformance
By Sanday Chongo Kabange | 01/12/2023
APRA says there is “considerable scope” for fee reductions across the superannuation industry, particularly for trustee directed products.
PEPs & Sanctions
OFAC Sanctions Individuals Linked to Mexican Timeshare Frauds
By Editors | 01/12/2023
OFAC says the newly sanctioned individuals and entities are linked to timeshare frauds led by a Mexican drug cartel.
PEPs & Sanctions
US Treasury Lobbies for Powers to Pursue Foreign Crypto Firms
By Editors | 30/11/2023
Deputy Secretary Wally Adeyemo said Treasury is calling for legislation authorising OFAC to exercise extraterritorial jurisdiction over transactions in USD-pegged stablecoins.
Fraud, Scams & Cybercrime
Australian Government Consults on Scams Code Framework
By Manesh Samtani | 30/11/2023
The framework sets out the responsibilities of banks, telcos and digital platforms to prevent, detect, disrupt, and respond to scams.
Conduct, Culture & Accountability
Korean Banks, Brokers, Execs Sanctioned Over Mis-sold Funds
By Editors | 30/11/2023
A number of CEOs and former CEOs were sanctioned over the mis-selling of funds tied to Lime Asset Management and Optimus Asset Management.
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