Enforcement

Enforcement

ICAC Charges Former AIA Employees for Fraud

By Editors | 11/03/2021

A former district manager and former insurance agent jointly face three counts of fraud for allegedly deceiving AIA into paying them commissions for three insurance policies.

Enforcement

Korean Bankers Grow Fearful of ‘Unilateral’ Regulatory Penalties

By Sanday Chongo Kabange | 11/03/2021

Korea Federation of Banks chairman says the punishments imposed against executives whose banks sold Lime funds are seen by many as a way to shift blame.

AML / KYC

FSC Korea Proposes New Penalty Standards for VASPs

By Editors | 11/03/2021

FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.

Enforcement

APRA Accepts Court Enforceable Undertaking from Allianz

By Editors | 11/03/2021

Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

Enforcement

FSS Chief Faces Resignation Calls over Personnel Management

By Ranamita Chakraborty | 09/03/2021

Yoon Suk-heun, whose three-year term ends in two months, allegedly promoted certain officials who had been punished for hiring irregularities.

Enforcement

Australian Court Penalises Dover Financial Advisers for Misconduct

By Editors | 09/03/2021

The penalty is part of the fallout from a 2019 federal court judgment that Dover Financial Advisers engaged in “false, misleading or deceptive conduct”.

Enforcement

US SEC Forms Task Force to Pursue ESG-related Misconduct

By Editors | 08/03/2021

The task force’s initial focus will be to identify material gaps or misstatements in issuers’ disclosure of climate risks under existing rules.

AML / KYC

John McAfee Indicted for Crypto-related Fraud, Money Laundering

By Sanday Chongo Kabange | 08/03/2021

McAfee and his associate allegedly used their large Twitter following to promote altcoins and ICOs to investors through a so-called pump-and-dump scheme.

Enforcement

SEBI Directs MIIs to Establish Controls to Prevent Market Abuse

By Editors | 08/03/2021

Stock exchanges, clearing corporations and depositories are asked to establish a code of conduct and institutional mechanism to prevent fraud and market abuse.