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Enforcement
Sydney Court Orders SocGen Securities to Pay A$30,000 Penalty
By Sanday Chongo Kabange | 22/10/2020
SocGen pleaded guilty in July for failing to pay client money into segregated authorised bank accounts and for making payments out of a client money account that were not permitted.
Enforcement
Australian Federal Court Fines OTC Derivative Issuers A$75m
By Editors | 22/10/2020
The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.
Capital / Liquidity
APRA Penalises Breach of Prudential Standard on Liquidity
By Editors | 21/10/2020
Bendigo and Adelaide Bank will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.
AML / KYC
AUSTRAC Launches AML Investigation into Crown Resorts
By Editors | 20/10/2020
The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.
Market Infrastructure
RBNZ Consults on Draft Guidance on Cyber Resilience
By Editors | 20/10/2020
The guidance aims to raise awareness of, and ultimately promote, the cyber resilience of the financial sector, especially at the board and senior management level.
Enforcement
Australian Court Orders Penalty Against NAB Over Introducer Programme
By Editors | 19/10/2020
The penalty was discounted due to NAB’s cooperation with ASIC and its admissions that it contravened the law by using unlicenced home loan referrers.
Enforcement
ASIC, Volkswagen Financial Services Settle Responsible Lending Case
By Sanday Chongo Kabange | 19/10/2020
Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.
AML / KYC
Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico
By Manesh Samtani | 18/10/2020
Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.
Market Infrastructure
Australian Regulators Prescribe Open Access to ASX Clearing Services
By Manesh Samtani | 18/10/2020
According to sources, the guidance was issued to prevent ASX Clear from imposing requirements on NSX with respect to the standards of its listed companies.
AML / KYC
AUSTRAC Decides Against Afterpay Regulatory Action
By Editors | 15/10/2020
Afterpay has uplifted its AML/CTF compliance framework and financial crime function, and completed all remediation necessary to ensure compliance.
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