CBA will engage an independent expert to assess changes to the banks' policies, procedures, systems, controls, training, guidance and framework for the monitoring and supervision of employees and trading in Prime Bank Bills.
ASIC has launched a civil action against AMP for misconduct in its financial planning arm causing the firm to put 300 of its financial planners on notice that their licences may be discontinued.
The Australian Tax Office will use cross border data sharing agreements to track tax obligations of cryptocurrency traders, though tax implications from major gains will likely be confined to a few individuals.
RNBZ specifies additional restrictions on banks using internal models to calculate risk-weighted assets, as well as requirements to also use standardised models when reporting and for calculating operational risk.
The 'J5' will three global tax enforcement initiatives: cybercrime and virtual currencies, enablers of offshore tax crime, and data platforms; new alliance includes Canada, US, UK, Netherlands.
Proposals include broadening the definition of related entities to include substantial shareholders and board directors, and aligning the framework with recently revised standards for large exposures to unrelated entities.
New minimum capital for futures and securities participants proposed at A$1m and A$0.5m, respectively; futures and securities capital rulebooks to be consolidated.
ASIC investigation revealed the two provided false payslips and letters of employment, among other documents, in support of loan applications.
ASIC has proposed that lenders ensure that new card consumers, or those applying to increase their credit card limit, can repay their credit card debt within three years. The proposal comes after an ASIC review found that 18.5% of Australians...
Over 900 investors were persuaded to invest over NZ$8mn with registered foreign exchange provider BlackfortFX, though the firm did not conduct any investment activity.