Code being considered by ASIC will be binding, with self-regulatory body given power to investigate misdemeanours and issue sanctions.
Under the enhance cooperation agreement, the FCA and ASIC will speed up cross-market authorisations and testing for innovative businesses.
Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.
ING Bank joins Australia’s ‘big five’ banks in using internal models to calculate regulatory capital requirements.
Australian securities regulator warns on ‘malicious cybercrime’; says surveillance of OTC markets will be another 2018 priority.
New guidance ensures bank staff are held responsible for conduct and statements outside of formal contracts; removes borrower’s liability in the event of lender misconduct.
NAB staff allegedly falsified documents to achieve home loan targets, branch managers colluded with loan introducers to manipulate incentive schemes.
The Committee also published an assessment handbook and self-assessment questionnaire to help member jurisdictions prepare for future RCAP assessments.
Banking association says new regime needs a way to flag special circumstances in credit histories to prevent discrimination against customers.
MoU aimed at promoting market development initiatives in Asia Pacific region, including for derivatives, secondary listings and ETFs.