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News >> Asia Pacific

Bank Required to Reopen Compensation Process

21 May 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that it has imposed licence conditions on two Commonwealth Bank of Australia (CBA) financial planning businesses to "undertake significant further work in relation to the compensation process for customers and ... [to] put in place independent monitoring of that work".

Published in Consumer Protection

Australian Securities Exchange-listed international contracting company Leighton Holdings has announced that it has entered into a conditional agreement to pay A$65.55 million as part of a class action settlement.

Published in Financial Integrity

The Australian Securities and Investments Commission (ASIC) has announced that it has banned Jeremy Nambiar from providing financial services for eight years. ASIC found that Mr Nambiar, as a Westpac Bank (Westpac) employee, "entered more than 100 fictitious trading entries ... that created the false appearance of profit", resulting in "approximately [A]$17.6 million [being] written off the income statement of Westpac's financial statements".

Published in Financial Integrity

The Australian Securities and Investments Commission (ASIC) and the Australian Federal Police (AFP) have jointly announced that an AFP-ASIC joint operation has resulted in the restraining of approximately A$7 million in suspected profit from insider trading activity, and the arrest of an Australian Bureau of Statistics (ABS) employee and a National Australia Bank Group (NAB) employee.

Published in Insider Trading

The Australian Competition and Consumer Commission (ACCC) has contacted grocery suppliers named in its recently announced proceedings against Coles Supermarkets Australia and Grocery Holdings (jointly, Coles), assuring them that it will make clear to Coles that they had not co-operated with its investigation.

The Australian Communications and Media Authority (ACMA) has announced that Zone Telecom has paid a A$20,400 infringement notice for making unsolicited telemarketing calls prohibited under the Do Not Call Register Act 2006 No. 88 (Cth) (the Act).

The Financial Markets Authority (FMA) has announced that the Financial Markets Conduct Act 2013 No. 69 (NZ) (the Act) is beginning to generate a positive cultural shift in the New Zealand financial services sector.

Published in Financial Integrity

Non-bank lender Pepper Australia Pty Ltd (Pepper), supported by the Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB), has issued $500 million worth of "non-conforming" home loans, namely residential mortgage-backed securities (RMBS) issued to customers with poor credit records or demanding repayment ratios. Reportedly, the issue is Australia's biggest since the global financial crisis and offered investors different tranches of debt, with those with a lower credit rating attracting a higher return for the investor.

Published in Financial Integrity

Australian retailers Best and Less and The Just Group have been criticised by Textile Clothing and Footwear Union national secretary Michelle O'Neil for failing to sign the Accord on Fire and Building Safety in Bangladesh, which provides a legally enforceable right to Bangladeshi garment workers to stop work if their safety is under threat.

Suspicious transaction reports reached a 12-year high of 33,000 in 2013, a 40% increase on the figure for 2012. Narcotics Bureau financial investigations division superintendent Gloria Yu Yin-ching reportedly attributed the increase to enhanced awareness, the enactment of new anti-money laundering and counter-terrorist financing legislation in 2012 and requests from foreign law enforcement agencies.

Published in Anti-Money Laundering

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