Conduct, Culture & Accountability

FMA Issues Guidance on Intermediated Distribution of Financial Products

28/06/2023

The guidance sets out the FMA’s expectations on the distribution of financial products through intermediaries under the new CoFi regime.

Anti-Bribery & Corruption

Australia Set to Launch National Anti-Corruption Commission

28/06/2023

The National Anti-Corruption Commission will commence operations on 1 July, with powers to investigate corrupt conduct.

Structural Regulation

Australia Finalises Review of ASIC Funding Model

28/06/2023

The review recommends that ASIC enhance its reporting, transparency and consultation arrangements on the industry funding model.

Anti-Money Laundering

AUSTRAC Issues New Guidance to Address Debanking

28/06/2023

AUSTRAC discourages the “indiscriminate and widespread closure of accounts across entire industries”.

Anti-Money Laundering

AUSTRAC Developing New National Risk Assessments

27/06/2023

AUSTRAC to develop national risk assessment on terrorism financing by late 2023, and on money laundering by early 2024.

Sustainable Finance

Hong Kong Forms New Committee to Advance Green Agenda

27/06/2023

The committee will advance Hong Kong’s green technology and finance ambitions and enhance cooperation with GBA cities.

Operational Risk

APRA Imposes Capital Charge on Medibank Over 2022 Hack

27/06/2023

APRA has decided to increase Medibank’s capital adequacy requirement for operational risk by A$250mn.

Conduct, Culture & Accountability

Australia: PwC’s Breach of Trust was “Calculated”, Says Senate Committee

27/06/2023

Lawmaker Richard Colbeck has called for a wider probe into PwC, saying the information released to date showed the scandal “extended internationally”.

Credit Risk

Hong Kong: Relief Programme for SME Borrowers to End in September

26/06/2023

The principal moratorium arrangement under the SME Financing Guarantee Scheme will be extended three more months and then end.