Enforcement

Enforcement

Australian Banks Face ‘Largest Ever’ Class Action

By Editors | 12/09/2018

A series of class actions for millions of super fund customers could cost Australian financial institutions up to A$1bn.

Enforcement

ASIC’s Year Ahead to Focus on Conduct, Culture, Consumer Trust

By Garima Chitkara | 11/09/2018

ASIC Commissioner John Price laid out the regulator’s priorities regarding conduct and culture risk in the financial industry in the coming year.

Enforcement

RBI Fines Three State Banks for Fraud Reporting Failures

By Editors | 10/09/2018

Union Bank of India, Bank of India and Bank of Maharashtra are each fined 10 million rupees.

Enforcement

ASIC Begins Civil Proceedings Against NAB Entities

By Garima Chitkara | 10/09/2018

Two wealth management divisions of NAB are the subject of civil proceedings in an Australian Federal Court for charging over half a million customers fees for no services.

Enforcement

HKMA Endorses Benefits of Cooperation

By Will Hallatt | 07/09/2018

The HKMA’s guidance note expressly signals its desire to encourage and facilitate cooperation in investigations and enforcement proceedings, noting time, cost and resource savings for the regulator and institutions or individuals concerned.

Enforcement

Westpac to Pay Record A$35mn for ‘Responsible Lending’ Breach

By Manesh Samtani | 05/09/2018

Westpac Bank’s automated credit assessment system approved 10,500 home loans between 2011 and 2015 which should not have been automatically approved; the system has since been upgraded.

AML / KYC

Convicted Finance Director Sentenced in New Zealand For AML Breaches

By Garima Chitkara | 04/09/2018

New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.

Enforcement

Former Shinhan Bank Employees Arrested Over Hiring Malfeasance

By Garima Chitkara | 03/09/2018

Prosecutors allege that four bank employees, two of which are under arrest, gave preferential treatment to the children of influential former Shinhan bank executives, regulatory officials and senior bureaucrats.

Enforcement

Chinese Police Detain Fugitive Hedge Fund Manager

By Editors | 31/08/2018

The chairman of Shanghai Fuxing Group fled the country in June amid allegations of market manipulation, after defaulting on bank loans and $2.6bn in investor payouts.