Financial Crime

Market Abuse

FSC Korea Fines Ten Foreign Firms for Short Selling Violations

By Editors | 28/02/2021

The FSC did not name the firms that were penalised, but said the highest fine was KRW 180 million against a firm that committed four violations.

Fraud, Scams & Cybercrime

CSRC Issues Warning Letters to Audit, Asset Appraisal Firms

By Editors | 28/02/2021

Warning letters have been issued to 8 audit firms, 28 certified public accountants, 6 assessment agencies, 27 asset appraisers and 6 practitioners.

Fraud, Scams & Cybercrime

ASIC Files Charges Against Allianz, AWP Over False Advertising

By Editors | 27/02/2021

Allianz faces a maximum penalty of A$8mn for each of seven charges for making false or misleading statements regarding the sale of travel insurance products.

Anti-Bribery & Corruption

OECD Calls for Global Crackdown on ‘Professional Enablers’

By Manesh Samtani | 27/02/2021

The OECD says each jurisdiction should implement a national strategy to deal with lawyers, notaries, accountants, and FIs that facilitate tax evasion, bribery and corruption.

Anti-Money Laundering

Philippine AMLC Sets Deadline for Newly Covered Entities to Register

By Ranamita Chakraborty | 27/02/2021

Real estate developers and brokers, as well as offshore gaming operators and their service providers, have to register with the AMLC’s electronic reporting system by 16 March.

Conduct, Culture & Accountability

ASIC Commences Legal Proceedings Against NAB Over Unlawful Fees

By Editors | 27/02/2021

ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.

Anti-Money Laundering

FATF Concludes Second Plenary Under German Presidency

By Manesh Samtani | 26/02/2021

The FATF has finalised guidance on risk-based supervision, terrorist financing, and arms trafficking, as well as draft guidance on proliferation financing, and virtual assets.

Structural Regulation

SFC, FRC to Enhance Regulatory Cooperation in Capital Markets

By Editors | 25/02/2021

Collaboration will be key to combat persistent problems with false or misleading financial statements and other corporate misconduct, said SFC Chairman Tim Lui.

Fraud, Scams & Cybercrime

MAS Bans Former Insurance Broker for Dishonest Conduct

By Editors | 25/02/2021

The former insurance broker was banned for unauthorised selling of general insurance when he was only licensed to sell life policies.