Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.
The bank acknowledges it manipulated bank bill swap rates on five occasions and indulged in “unconscionable conduct” in its A$25 million settlement with ASIC.
Newly released restricted ADI licencing framework allows entities to conduct a limited range of activities for two years before fully meeting regulatory requirements.
ASIC deepened its support of regtech with natural language processing trials; signifies regulator’s starting point in its evolving approach to new technologies.
Banks write to regulators to assure them that issues raised during Australian Royal Commission are not as prevalent in New Zealand; regulators respond requesting more detailed response from individual banks.
New regulatory guidance will designate and license financial markets based on their risk and systemic importance to the Australian economy; changes said to incorporate technological and risk concerns.
The Australian Financial Complaints Authority, going into operation on 1 November this year, will focus on complaints by consumers and small businesses against financial firms.
Regulator warns that Australian corporate and consumer law applies, even for overseas ICOs, if Australian consumers are affected.
Prudential inquiry reveals widespread complacency, inadequate risk management, unclear executive level accountabilities, among other failings at the bank.
New DLT system to provide more efficient clearing, settlement and other post-trade services through improved record keeping, reduced reconciliation, more timely transactions, better quality data.