New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.
Volumed-based bonus payments for mortgage brokers and other incentives to be abolished; new industry code of conduct prioritising customers’ interests expected by year-end.
New Zealand's FMA has granted an exemption allowing Nikko to enter the robo-advice market; new digital platform to be launched later this year.
Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.
SWIFT is set to trial its gpi payments service using Australia’s New Payments Platform, together with banks from China, Singapore and Thailand.
RBA governor says major banks are slow to adopt NPP, Australia's new real-time settlement system; however, banks have begun to speed up the uptake process, the assistant governor said.
'Card-not-present' fraud accounts for 85% of all card fraud, as criminal activity migrates to online channels following the success in chip technology in preventing in-person fraud.
The Governance Institute of Australia’s 2018 Ethics Index revealed that public trust in banking and financial services is at a new low.
APRA is seeking industry feedback on potential new approaches to the capital framework for banks to make them more internationally comparable and flexible.
New Zealand’s Financial Markets Authority expects firms to put customer interests first; work plan to focus on conduct, culture, governance.