Wellington, New Zealand – The Reserve Bank of New Zealand (RBNZ) has launched civil proceedings in the Wellington High Court against The Co-operative Bank over three separate breaches of anti-money laundering obligations dating back to at least 2020. The legal action centres on significant failures within The Co-operative Bank’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) programme under the AML/CFT Act 2009. Three Core Breaches Identified The Reserv

The Securities and Futures Commission (SFC) has reprimanded and fined XHK Limited (XHK) $2.5 million for regulatory failures in relation to the firm’s preparation of financial returns, maintenance of required liquid capital, and handling of client money and non-client money (Note 1). The disciplinary action follows an SFC investigation triggered by self-reports made by XHK. The SFC’s investigation found that XHK made various accounting errors in its financial returns submitte

In the evolving financial landscape of the Greater Bay Area, regulatory clarity and risk management remain the twin pillars of long-term market stability. Following recent administrative measures by the CSRC regarding offshore brokerages, the Hong Kong Monetary Authority (HKMA) has reinforced the standards for opening and maintaining investment accounts for mainland investors. This guidance emphasizes a shared regulatory goal: ensuring that capital flows through designated, l

The Criminal Investigation Department (CID) has arrested three individuals suspected of running an illegal online gambling operation and laundering proceeds through digital payment channels, police said on Saturday. The arrests followed a months-long probe that traced suspicious financial flows and coordinated activity on multiple betting platforms, law enforcement officials added. Authorities say the operation involved recruiting local agents, processing customer deposits, a

The Federal Court of Australia has imposed civil penalties of $50,000 and $45,000 respectively against Castra Licensee Pty Ltd (Castra) and Princeton Securities (NSW) Pty Ltd (Princeton) after they failed to pay infringement notices issued by AUSTRAC. In September 2024, AUSTRAC issued infringement notices to both businesses for alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Neither business paid the infringement amount o

Reporting to AUSTRAC is a key obligation for businesses regulated under Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. The information that we collect from these businesses plays a crucial role in protecting Australia from financial crime. It helps AUSTRAC and law enforcement agencies track down criminals through suspicious transactions and behaviour. As part of Australia’s AML/CTF reforms, we’re expanding the industries that we collect this

The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) today published consultation conclusions on the legislative proposal to regulate virtual asset (VA) advisory and management service providers in Hong Kong (Note 1). The proposal for the VA advisory and management regimes received broad market support during the consultation (Note 2). Adhering to the “same business, same risks, same rules” principle, the scope of these regimes

The Securities and Futures Commission (SFC) has banned Mr Paul Wan Kai Leung, former responsible officer, manager-in-charge, and director of Nerico Brothers Limited (NBL), from re-entering the industry for life (Note 1). The disciplinary action is related to the SFC’s earlier sanctions against NBL and its director, Jerff Lee Cheuk Fung, for misuse of client assets, facilitation of the misappropriation of client assets, and provision of false or misleading information to the S

The Eastern Magistrates’ Court today convicted well-known movie producer Mr Wong Pak Ming of insider dealing in the shares of Pegasus Entertainment Holdings Limited (Pegasus) in a criminal prosecution brought by the Securities and Futures Commission (SFC) (Note 1). The conviction, after a 16-day criminal trial, arises from Wong’s deliberate misuse of inside information acquired through his role as chairman and controlling shareholder of Pegasus and his decision to advise his