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Conduct, Culture & Accountability
Westpac Ordered to Pay A$9.15m Penalty for Poor Advice
By Editors | 20/12/2019
In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank’s adviser.
Anti-Money Laundering
Regulation Asia: Top Ten News Stories for 2019
By Editors | 20/12/2019
This list presents the most-read new stories published by Regulation Asia in 2019, based on aggregated user traffic analytics.
Anti-Money Laundering
Regulation Asia: Top Ten Contributed Articles for 2019
By Editors | 20/12/2019
This list presents the most-read contributed articles published by Regulation Asia in 2019, based on aggregated user traffic analytics.
Anti-Bribery & Corruption
Bursa Malaysia Adds Anti-Corruption Measures to Listing Requirements
By Editors | 20/12/2019
New requirements to have anti-corruption and whistle-blowing policies in place will promote better governance, accountability and transparency for investors.
Anti-Money Laundering
BSP Probes Ten Banks Linked to Westpac AML Violations
By Editors | 19/12/2019
The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.
Payments & Settlements
India Shows How Policy Can Solve Financial Inclusion: BIS Paper
By Editors | 19/12/2019
The paper highlights India’s Aadhaar programme, which promotes financial inclusion, offers more robust AML/CFT checks, and has led to the creation of several innovative and interoperable digital platforms.
Operational Risk
ANZ Announces New Remediation Costs to ‘Fix’ 3.4m Customer Accounts
By Editors | 19/12/2019
At its AGM on Tuesday, ANZ announced an additional A$682mn charge for remediation work, where a total 3.4 million accounts “need fixing”.
Anti-Bribery & Corruption
ICAC Charges Two in Bribery Scheme to Circumvent China Capital Controls
By Editors | 19/12/2019
A former CITIC branch manager accepted over HK$1mn in commissions for referring 6 bank clients to a money exchange company to remit money from the Mainland to Hong Kong.
Anti-Money Laundering
EU Authorities Issue Framework for Supervisory Cooperation on AML/CFT
By Editors | 19/12/2019
The guidelines set out a framework for bringing together AML/CFT supervisors, prudential supervisors and third-country regulators to coordinate on multi-juridictional AML/CFT matters.
Supervision & Enforcement
ASIC Launches Court Proceedings Against NAB Over Service Fees
By Editors | 18/12/2019
NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.
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