Enforcement

Enforcement

RBNZ to Start Publishing Regulatory Breaches by Banks

By Editors | 25/09/2019

The RBNZ will start publishing banks’ regulatory breaches on its website next year in a bid to improve transparency and market discipline.

Enforcement

APRA’s Authority Potentially Undermined by IOOF Court Loss

By Editors | 25/09/2019

APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator’s case.

Enforcement

US SEC Settles Charges Against Nissan, Former CEO

By Editors | 24/09/2019

As settlement for underreporting CEO compensation, Nissan agreed to pay $15mn, while ex-CEO Carlos Ghosn will pay $1mn and get a 10-year officer and director bar.

AML / KYC

AUSTRAC Orders AML/CTF Audit at PayPal Australia

By Editors | 24/09/2019

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

AML / KYC

Taiwan Seeks Significantly Higher Penalties for Tax Evasion

By Editors | 24/09/2019

Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.

Enforcement

UPDATED – Woori, KEB Hana Likely to Compensate Investors in Risky Products

By Editors | 23/09/2019

The FSS is outlining compensation guidelines and initiating dispute mediation proceedings for investors who lost money in derivative-linked funds.

Enforcement

ClearView Completes Advice Remediation Programme

By Editors | 20/09/2019

Financial compensation totalling A$730,000 was offered to 215 clients who were harmed by poor advice, while another 21 clients received non-financial remediation.

Enforcement

Australia Reintroduces Amnesty Bill for Unpaid Superannuation

By Editors | 19/09/2019

The bill will provide amnesty to employers who have underpaid superannuation up to 27 years ago, if they disclose their failures within two years and repay the full amount.

Enforcement

SAFE Blacklists FX Firms As Illegal Capital Outflows Increase

By Editors | 19/09/2019

SAFE has asked financial institutions to monitor for leveraged forex trading and blacklisted 43 FX firms amid signs that illegal capital outflows have been increasing.