Enforcement

AML / KYC

Westpac Expected to Reveal New AML Provisions in Annual Report

By Editors | 09/10/2019

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.

AML / KYC

Singapore Banker Faces 94 Charges for S$1.9m Fraud

By Editors | 08/10/2019

The former banker allegedly told his victims their funds would be placed as fixed deposits or in financial products, resulting in client losses over S$1.9mn.

Enforcement

Two Singaporeans Jailed for Spoofing Derivatives Market

By Editors | 08/10/2019

Two former directors of proprietary trading company Joerik Financial were jailed for fraud and dishonest conduct in relation to the trading of futures contracts.

Enforcement

Korean Court Orders CoinOne to Compensate Hacked Client

By Editors | 07/10/2019

South Korean crypto exchange CoinOne has been ordered to repay a client after a hacker who stole his login information was able to withdraw 25mn won over the withdrawal limit.

Enforcement

China Antigraft Agency Concludes Probe into Former CSRC Chief

By Editors | 07/10/2019

Liu Shiyu has been removed from his government post and had his illegal gains confiscated, but he will remain a member of the CCP due to his cooperation in the probe.

Enforcement

SFC Fines SEAVI Advent Ocean Private Equity HK$1mn

By Editors | 07/10/2019

The SFC has reprimanded and fined SEAVI Advent Ocean Private Equity for allowing unlicensed individuals to perform regulated functions, in breach of the Code of Conduct.

Enforcement

NAB Sets Aside Additional Remediation Provisions

By Editors | 02/10/2019

Combined with what has already been set aside, the new A$832mn in provisions for customer-related remediation brings total provisioning to over A$2bn.

Enforcement

India: PMC Bank Managing Director Confesses to Wrongdoing

By Editors | 02/10/2019

PMC Bank’s now-suspended managing director has reportedly confessed that the bank’s loan exposures went unreported for over six years.

Enforcement

New Zealand to Introduce New Conduct Oversight Regime

By Editors | 27/09/2019

New legislation to implement the regime is expected by year-end, empowering the FMA with stronger enforcement tools and the ability to impose higher penalties for conduct breaches.