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INSIGHT: ANZ’s chief Elliott wants to standardise AFC, KYC processes across region to cut costs

Premium July 9, 2024

BOOZE: A review at ANZ bank could lead to a ban on alcohol consumption during work hours as the bank seeks to address concerns over its internal environment. “That is on the table,” Elliott stated, referring to the potential alcohol ban, which would apply not only to traders but to all staff across the bank. Although no final decision has been made, Elliott acknowledged that such a measure could be a necessary step in restoring the bank’s reputation.

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NEWS: U.S. can prosecute Turkish bank in Iran sanctions case, appeals court rules

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INSIGHT: Explainer – What do we know about the data breach at Intesa Sanpaolo?

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INSIGHT: Diffused accountability at the likes of TD Bank prevents executives from being charged

By AML Intelligence Correspondents ANZ’s chief Shayne Elliott has suggested it might be possible for banks in the Pacific region to standardise AFC processes services to cut costs – without relaxing risk protocols. “Could we share, to lower the cost, the way we run things like AML and KYC?” he asked. “Those sorts of things…

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Premium

NEWS: U.S. can prosecute Turkish bank in Iran sanctions case, appeals court rules

 Premium

INSIGHT: Explainer – What do we know about the data breach at Intesa Sanpaolo?

 Premium

INSIGHT: Diffused accountability at the likes of TD Bank prevents executives from being charged

Regulatory Watch News

  • 6.3kg of cocaine taken off the streets after joint investigation with Brantford Police Service

    Royal Canadian Mounted Police

    The Brantford Police Service, in collaboration with RCMP Hamilton-Niagara Regional Detachment, executed search warrants at five southwestern Ontario locations resulting in three individuals from Brantford being charged. The searches uncovered 6.3kg of cocaine, with a street value of $170,000 and approximately $2,000,000 in Canadian currency, which has been seized as suspected proceeds of crime. A number of electronic communications devices were also seized. Additional arrests and charges may follow.

  • SEC Charges Four Companies With Misleading Cyber Disclosures

    SEC

    Washington D.C., Oct. 22, 2024 —
    The Securities and Exchange Commission today charged four current and former public companies – Unisys Corp., Avaya Holdings Corp., Check Point Software Technologies Ltd, and Mimecast Limited – with making materially misleading disclosures regarding cybersecurity risks and intrusions. The SEC also charged Unisys with disclosure controls and procedures violations. The companies agreed to pay the following civil penalties to settle the SEC’s charges:
    • Unisys will pay a $4 million civil penalty;
    • Avaya. will pay a $1 million civil penalty;
    • Check Point will pay a $995,000 civil penalty; and
    • Mimecast will pay a $990,000 civil penalty.

  • Notice to Victims of the Lantian Gerui Fraud

    The Crown Prosecution Service

    The Director of Public Prosecutions (DPP) has commenced civil recovery proceedings in respect of property which has been seized in the UK from Yadi Zhang (also known as Zhimin Qian) (Zhang) and Jian Wen (Wen), and additional assets. The claim was issued under Part 5 of the Proceeds of Crime Act 2002 (POCA) on 18 September 2024 in the King’s Bench Division of the High Court. The proceedings seek to recover the property on the ground that it is or represents property obtained through unlawful conduct, including fraudulent conduct in China involving a company named Tianjin Lantian Gerui Electronic Technology Co Ltd.

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