Former NAB adviser banned
The Australian Securities and Investments Commission (ASIC) has permanently banned a former National Australia Bank (NAB) financial adviser from providing financial services and engaging in credit activities.
An ASIC investigation into Max Kiattisak Eung found that during his time at NAB, Eung had:
- Created two false bank accounts in the name of his clients;
- Falsified documents to open the accounts;
- Caused withdrawals to be made from his clients’ accounts into the false accounts; and
- Impersonated his clients to gain access to the accounts.
Subsequently, Eung incorporated a company to operate a mortgage broking business and became a credit representative to provide credit assistance within that business.
ASIC found Eung had engaged in dishonest conduct, was likely to contravene a financial services law and credit legislation, was not of good character and was not of good fame or character.
AUTHOR
Anastasia Santoreneos
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
