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Enforcement
Unauthorised New Zealand Adviser Faces Lengthy Jail Term
By Editors | 20/08/2019
A New Zealand court has reportedly convicted an unauthorised financial adviser of 38 charges relating to a long-running fraud which funded a lavish lifestyle of private jets and jewellery.
Enforcement
SFC, ICAC Formalise Cooperation Arrangement with MoU
By Editors | 20/08/2019
The MoU covers case referrals, joint investigations, the exchange and use of information, mutual provision of investigative assistance, and capacity building.
Market Infrastructure
Australia Accelerates Post Royal Commission Reform
By Editors | 20/08/2019
Under the government’s implementation roadmap, close to 90% of its remaining commitments will be implemented by mid-2020, and legislation for the rest will be introduced by end-2020.
AML / KYC
The Long Arm of the Law
By Eric A. Sohn | 19/08/2019
Eric A. Sohn at Dow Jones Risk & Compliance discusses the US’ ability to restrict a firm’s access to correspondent banking services and its financial markets.
Enforcement
Hong Kong Banks Under Scrutiny for Chinese Lending – Report
By Manesh Samtani | 16/08/2019
The HKMA has reportedly been investigating several Hong Kong lenders for financing large scale overseas asset purchases by Chinese conglomerates.
Enforcement
SFC Fines Sincere Securities for Internal Control Failings
By Editors | 16/08/2019
The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.
Enforcement
FSS Korea to Probe Major Banks for Mis-sold Financial Products
By Editors | 14/08/2019
Woori, KEB Hana and Shinhan are subject to the FSS investigation for selling high-risk private equity investment products and derivative-linked securities.
Enforcement
ASIC Ordered to Pay Westpac Costs in Case Dismissal
By Manesh Samtani | 14/08/2019
In September, Westpac admitted to breaching responsible lending laws and agreed to a A$35mn settlement with ASIC. The settlement was rejected and the case has been dismissed.
Enforcement
CBIRC Fines WeBank $285m for Multiple Lending Violations
By Editors | 14/08/2019
An inspection last year found that some employees at the digital bank used consumer loans to invest in stock and futures trading.
AML / KYC
Malaysia Files Criminal Charges Against 17 Goldman Directors
By Editors | 12/08/2019
The current and former directors each face 1MDB-related charges carrying a maximum 10-year jail term and a minimum penalty of 1 million ringgit.
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