Enforcement

AML / KYC

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

By Manesh Samtani | 13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

Enforcement

ASIC Plan to Embed Staff Could Impede Banking Function

By Peter Guy | 13/08/2018

ASIC’s plan to embed its own staff as officers at major Australian banks will affect risk taking and how the Australian public is served by the financial services industry.

Enforcement

Fees-for-no-service Remediation to Top A$850mn – ASIC

By Manesh Samtani | 09/08/2018

CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.

Enforcement

PBOC Imposes More Fines on Payments Firms

By Editors | 09/08/2018

Alipay, Union Mobile Financial Technology, and Gopay.com were fined more than a combined $11 million for various breaches in payment services regulation.

Enforcement

The Banking Industry’s $850bn Behavioural Problem

By Benjamin Quinlan | 07/08/2018

If banks are serious about avoiding future fines and losses, the solution lies first and foremost in developing a robust risk culture across the entire organisation.

Enforcement

India Probes Metropolitan Stock Exchange for Fraud, Mismanagement

By Garima Chitkara | 06/08/2018

The MSEI is under investigation by the government of India and SEBI for alleged fraud and mismanagement, and has hired a forensic auditor to look into the allegations made by two whistleblowers.

AML / KYC

RBI Probes KYC/AML Compliance at Payments Banks

By Editors | 06/08/2018

Paytm and Fino Payments Bank have been barred from accepting new clients due to the RBI’s concerns about their adherence to KYC/AML norms.

Enforcement

PBOC Penalises Shanghai-based Payment Firms

By Manesh Samtani | 02/08/2018

Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.

Enforcement

ASIC Approves ABA Banking Code of Practice

By Garima Chitkara | 01/08/2018

New banking code expands legal protections for small business borrowers and retail customers; signatory banks have until July 2019 to implement the Code, but some are expected to be compliant earlier.