Compliance Corner: MAS, ASIC

Editorial Staff

23 May 2019

Monetary Authority of Singapore
Singapore’s main financial regulator is pushing to improve banks’ behaviour and risk management at a time when the global sector is working towards restoring trust in the aftermath of the 2008 crisis and recent scandals.

The disqualified Daniel McSweeny of Zetland, New South Wales, from managing firms after he was involved in 14 failed businesses.

McSweeney used the companies to operate a financial services business. The 14 companies, which were placed in liquidation between 21 August 2014 and 8 September 2015, had a total amount of debts owed to creditors of approximately $9.8 million ($6.8 million), ASIC said in a statement.

ASIC said that McSweeny fraudulently misappropriated company money; used the company structure for his own dishonest means; showed a “complete disregard of his director duties”; failed to observe requirements to lodge documents with the Australian Taxation Office; failed to ensure that the companies complied with their obligation to keep written financial records; and failed to prevent the companies from trading while possibly insolvent.

McSweeny was a former director of:

Taavla Capital Pty Limited;
Prettoria Capital Pty;
Iugis Capital Pty;
Wealth Achievers Services Australia;
Constantia Capital Pty;
FF&I Holdings Pty;
Security Chips Pty;
Kimbriki Capital Pty;
Kimbriki Capital Trading Pty;
Wealth Achievers Services Group Pty;
Mondo Oro Pty;
The Village Accountant Australia Pty;
Wealth Achievers Services Pty; and
Logiplan Financial Services Pty.