Financial Crime

Conduct, Culture & Accountability

HKMA Warns FIs Against Churning Investment Funds for Clients

By Manesh Samtani | 25/11/2019

The HKMA has issued new guidance aimed at preventing, detecting and mitigating misconduct risks at financial institutions in the selling of investment funds.

Anti-Money Laundering

We Need to Accelerate Regtech Transition in AML Work: HKMA

By Manesh Samtani | 23/11/2019

We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday.

Anti-Money Laundering

Bangladesh Publishes New National AML/CFT Strategy

By Editors | 23/11/2019

The national strategy contains 11 strategies along with 137 action plans, aimed at eliminating gaps identified in the 2016 mutual evaluation report from the APG.

Conduct, Culture & Accountability

ANZ, Westpac Face Class Actions Just Days After NAB Settlement

By Editors | 22/11/2019

Law firm Slater and Gordon has launched class actions against ANZ and Westpac over the sale of consumer credit insurance products, on the heels of winning a near A$50m settlement from NAB.

KYC & CDD

SFC Warns Against Concealing Identities of Transacting Counterparties

By Manesh Samtani | 22/11/2019

Listed entities should disclose counterparties’ controllers and beneficial owners in corporate transactions. Asset managers should maintain effective controls to detect dubious arrangements or transactions.

Supervision & Enforcement

CBA’s CommInsure Faces A$1.85mn Penalty for Unsolicited Sales Calls

By Editors | 21/11/2019

The penalty will be in addition to the A$12mn CommInsure has said it will pay to 30,000 policyholders to remediate telephone sales conduct issues.

Anti-Bribery & Corruption

Ex-ICBC Shanghai Boss Expelled from Party, Public Posts

By Editors | 21/11/2019

Gu Guoming was reportedly found to have been involved in ‘serious corruption’, taking “an extremely large amount” of bribes and using his position to seek benefits for friends and relatives.

Fraud, Scams & Cybercrime

Former NAB Branch Manager Sentenced for Home Loan Referral Fraud

By Editors | 21/11/2019

Mathew Alwan was permanently banned by ASIC last year and pleaded guilty to ‘intention to defraud’ earlier this year for making false or misleading statements to NAB.

Supervision & Enforcement

APRA ‘Heatmaps’ to Expose Underperforming Super Funds

By Editors | 20/11/2019

The heatmap is designed to emphasise underperformance, not to be used as a peer ranking mechanism or give a pat on the back to better-performing superannuation products.