APRA Finalises Phase 2 Enhancements to Superannuation Data Collections

10/12/2024

APRA will gain additional information from super funds about governance practices, product distribution arrangements, and investment governance.

Australian Lawmakers Call for Reforms to Address Financial Abuse

07/12/2024

Parliamentary report calls for legislative reforms and for FIs to play a proactive role in identifying and supporting individuals facing financial abuse

Enforcement

ASIC Calls Out Breach Reporting Delays & Deficiencies

06/12/2024

A review of the compliance arrangements of 14 licensees identified delays and deficiencies in how they identify, escalate, and report breaches.

AML / KYC

Canada’s FINTRAC Signs AML/CFT MoU with US Regulators

06/12/2024

The MoU will facilitate information exchange, best practice sharing, and coordination on illicit finance risks that affect both the Canadian and US financial systems.

Fintech / Regtech

EU Adopts New Legislative Package to Strengthen Cyber Resilience

06/12/2024

The legislation will establish a pan-European ‘cybersecurity alert system’ and a ‘cybersecurity emergency mechanism’ to enhance the EU’s response capabilities.

Enforcement

Nomura Announces Measures to Address Unethical Behaviour by Staff

05/12/2024

Ten executives will take pay cuts and staff monitoring will be enhanced after a former employee was indicted on attempted murder charges.

Enforcement

Barclays Agrees to Settle Class Action Over Securities Over-issuances

05/12/2024

Barclays agreed to pay $19.5mn to settle claims that shareholders lost money because they relied on the bank’s assurances that it had strong internal controls.

Crypto / Digital Assets

ASIC Seeks Feedback on Updated Guidance for Digital Assets

05/12/2024

ASIC proposes to regulate digital assets like traditional financial products, requiring crypto firms to apply for an AFS licence.

Japan FSA Calls on FIs to Provide Flexible Lending to Businesses

05/12/2024

The FSA urges FIs to prioritise flexible loans and repayment plans tailored to the circumstances of each business.