Financial Crime

Supervision & Enforcement

13 Super Funds Fail APRA’s First Performance Test

By Sanday Chongo Kabange | 31/08/2021

If the failing super funds do not improve in next year’s test they will have to transfer their members to funds that deliver better outcomes.

Fraud, Scams & Cybercrime

Korea: Ex-Presidential Aide Sentenced to Jail for Crypto Fraud

By Sanday Chongo Kabange | 31/08/2021

The former presidential aide claimed a scam token had been certified by the BOK, FSS and KFTC, and that investors could multiply their investment by 100 times.

Anti-Money Laundering

FATF Releases Mutual Evaluation Report for Japan

By Manesh Samtani | 30/08/2021

The report says more needs to be done to combat organised crime and WMD proliferation risks, and a joint-agency body should be designated for setting national AML/CFT policies.

Anti-Money Laundering

HK Customs Arrests Five for Laundering HK$170m

By Ranamita Chakraborty | 30/08/2021

Hong Kong Customs for the first time detected a syndicate using cross-boundary vehicle drivers to assisting in money laundering activities.

Fraud, Scams & Cybercrime

HK Police Arrest Two in Corporate Fraud Case

By Editors | 30/08/2021

The arrests were made following a joint operation with the SFC against a listed company and its former senior executives suspected of corporate fraud involving HK$450mn.

Cybersecurity

ASIC Prioritises Economic Recovery in New Corporate Plan

By Ranamita Chakraborty | 26/08/2021

ASIC’s key external priorities for the next four years include the economy, innovation, consumer harm, cyber resilience, and industry readiness for regulatory reforms.

Conduct, Culture & Accountability

Australian Court Fines NAB Over Fee Disclosure Statements

By Sanday Chongo Kabange | 26/08/2021

NAB charged fees for personal advice without providing customers fee disclosure statements, providing them late, or containing false misleading information.

Anti-Money Laundering

FSC Korea Confirms Plans for Dedicated Crypto Bureau at KoFIU

By Manesh Samtani | 26/08/2021

24 of the 63 crypto exchanges operating in Korea have not yet applied for ISMS certification, a KoFIU registration requirement that takes months to obtain.

Conduct, Culture & Accountability

Westpac Subsidiaries Fined for Breaching Best Interests Duty

By Sanday Chongo Kabange | 26/08/2021

Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients’ best interests in a case that dates back to 2016.