Australia & NZ

An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.

As at end-2021, Australia's major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.

The government is seeking views on further refinements to the foreign investment framework to ensure it remains fit for purpose.

The review will explore the extent to which implementation of the CDR drives value for consumers, increases competition, and drives innovation in data services.

The changes relate to the allocation of US settlement bank investment losses that arise from the inclusion of variation margin exposures in ASX Clear (Futures) overnight margin calls.

Australia's top prosecutor concluded that there were no longer reasonable prospects of convicting Citigroup, Deutsche Bank and four former executives.

The bill, if passed, will help fulfill a nearly 16-year-old commitment to bring gatekeeper professions within Australia's AML regime, and require the establishment of a public UBO register.

Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.

Governor Adrian Orr said falling behind other central banks is "not an option" and the RBNZ will soon begin POC design and testing for a CBDC.

ASIC reportedly decided against including scam prevention as part of its ePayments Code review as a result of "fierce pushback" from major banks.