ASIC flags RC criminal charges

The major banks and AMP represent well over 90% of the dedicated enforcement program being undertaken by the Australian Securities and Investments Commission (ASIC) in the wake of the Royal Commission.

ASIC has released its latest Royal Commission implementation update within which it has stopped short of naming executives or others against which it intends to take action resulting from the Royal Commission but noted that, as at 31 July 2019, within this dedicated enforcement program, there were 88 enforcement investigations and 17 court actions underway.

“Of these, 86 relate to the major banks and AMP, and their subsidiaries. In addition, 59 individuals are the subject of investigation and eight individuals were the subject of court action. A total of 82 outcomes had been achieved, including criminal, civil and administrative actions, and court enforceable undertakings,” the ASIC report said.

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It also referenced that the Royal Commission had examined a number of case studies and that from those case studies ASIC had 29 investigations underway.

“Four matters are before the court (Select AFSL, Dover and two matters relating to NAB), another two matters are being considered by the Commonwealth Director of Public Prosecutions (CDPP) for potential criminal action,” it said.

The regulator said that not only had it recruited staff to work on the enforcement matters, it had also retained external law firms, legal contract staff and counsel.




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