Australia & NZ

The RBA is seeking assurances on the timely implementation of new NPP services, and asking banks to improve the reliability of the NPP services they already provide.

Banks asked for an extension on a 31 July 2022 deadline, citing market conditions and resource pressures due to other priorities.

NAB's action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.

Having three different rulebooks for investment products opens the door to inconsistent treatment, rule arbitrage, and confusion for issuers and investors.

The RBNZ will design a framework so that debt-to-income restrictions on mortgage lending are ready to be used by mid-2023, if needed.

The Victorian Gambling and Casino Control Commission will be provided designated access to AUSTRAC’s financial intelligence database.

Australia has now sanctioned nearly 750 individuals and entities in response to the war in Ukraine. Russian-affiliated vessels are prohibited from entering US ports.

The penalties are the result of six proceedings brought by ASIC in November. Westpac had already agreed to pay the penalties and customer remediation.

More than 400 CA ANZ members were found to have cheated on online training tests, but only 12 are being put through the body's disciplinary process.

Former director Paul Quill has reportedly agreed to repay Deloitte for over A$3mn of personal purchases claimed as work expenditures.