Anti-Money Laundering

KoFIU Revises Rules Setting Out “Core Responsibilities” of AML Officers

21/07/2023

The role of CEOs has been made more specific, compliance officers will have a supervisory role over employees, MLROs will need at least two years of AML experience.

Conduct, Culture & Accountability

APRA, ASIC Issue Draft Rules for New Financial Accountability Regime

20/07/2023

APRA and ASIC are consulting on the proposed regulator rules, ADI key functions and transitional rules to support the implementation of the new FAR.

Emerging Prudential Risks

APRA, ASIC Calls on Super Funds to Improve Retirement Outcomes for Members

20/07/2023

APRA deputy chair Margaret Cole said there has been a lack of progress and insufficient urgency overall when it comes to implementation of the Retirement Income Covenant.

Structural Regulation

Korea to Loosen Rules for FIs on Foreign Subsidiary Ownership

20/07/2023

The proposed reforms will enable Korean financial firms to more easily invest in and provide financial support to overseas subsidiaries.

Cryptocurrency

ASIC Cancels FTX Australia’s AFS Licence

20/07/2023

FTX Australia may provide “limited financial services” related to termination of existing derivatives with clients until the end of 12 July 2024.

Conduct, Culture & Accountability

ASIC Issues First Stop Order on Life Insurance Products

20/07/2023

ASIC issued the interim stop order against Clearview Life to protect consumers from acquiring two income protection cover products that may not be consistent with their needs.

Conduct, Culture & Accountability

Korea Forms Taskforce to Draw Up Corporate Governance Guidelines for Banks

20/07/2023

The guidelines will cover CEO appointments, management succession procedures, and evaluation and supporting systems for independent directors.

Data Privacy

Korea FSC Designates Eight More ‘Data Specialising Institutions’

19/07/2023

The newly designated firms are allowed to converge anonymised and pseudonymised data from different businesses for analytics purposes.

Climate Risk

NZ FMA Issues Guidance on Climate-related Scenario Analysis

19/07/2023

The information sheet offers guidance on the disclosures firms have to make about the methods and assumptions underlying their scenario analysis and how the process has been conducted.