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Anti-Money Laundering
Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements
By Editors | 04/12/2019
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
Fraud, Scams & Cybercrime
Major Indian Bourses Suspend Karvy Trading Licences
By Editors | 04/12/2019
BSE, NSE, MCX, MSEI suspend Karvy Stock Broking; NSDL returns to 90% of clients the securities that were illegally pledged at lenders by Karvy.
Structural Regulation
China Issues Measures to Clean Up Credit Ratings Industry
By Editors | 03/12/2019
The measures are part of China’s efforts to clean up the ratings industry and open up to foreign competition, in order to boost foreign participation in the domestic bond markets.
Operational Risk
APRA Releases Practice Guide for Super Performance Reviews
By Editors | 03/12/2019
The business performance review requirement requires an RSE licensee to undertake a holistic assessment of its performance across its business operations, services and product offerings.
Conduct, Culture & Accountability
ASIC Reports Widespread Fee Disclosure Failures at AFS Licensees
By Editors | 03/12/2019
ASIC’s review found widespread non-compliance with fee disclosure obligations across a sample of AFS licensees and their representatives, suggesting an industry-wide problem.
Supervision & Enforcement
ASIC, APRA Ink Updated MoU to Enhance Collaboration
By Editors | 02/12/2019
The updated MoU was a royal commission recommendation to enable more proactive engagement between the two regulators.
Fraud, Scams & Cybercrime
Chinese P2P Lenders to Close in Two Years
By Editors | 02/12/2019
Approved lenders can opt to convert to small finance companies in the two year grace period, as authorities moved to shut down the scandal-ridden sector.
KYC & CDD
OECD Hails Global Anti-Tax Evasion Efforts as ‘Unprecedented Success’
By Editors | 02/12/2019
Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.
Market Abuse
Third Individual Jailed in SGX Derivatives Spoofing Case
By Editors | 29/11/2019
The former proprietary trading firm director furnished a false statement to SGX Derivatives Trading with the intent of deceiving it about trading activities in futures contracts.
Conduct, Culture & Accountability
CBA’s CommInsure Penalised A$700,000 for Hawking Offences
By Editors | 29/11/2019
The penalty follows last week’s guilty plea from CommInsure for conducting insurance sales by phone, where the customers had not requested to be contacted.
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