CBA will pay a $A5m penalty, A$15m to a financial consumer protection fund, and $A5m towards ASIC's litigation and investigation costs; bank also agreed to enter into enforceable undertaking with ASIC.
CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.
Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.
New 'CCIV' structure will allow Australia asset managers to market fund products to the rest of Asia, complementing the Asia Region Funds Passport.
ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.
Reform process completed with the passage of a licensing regime for financial benchmarks as well as new calculation methodology for key interbank rate.
Banks required to report customers' foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.
Criminal charges brought by Australian regulators against bankers in the ANZ cartel case represent a challenge against practices traditionally considered the norm in global underwriting syndicate culture.
New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.
AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.