Requirements on balance sheet reporting a stiff challenge for banks despite regulators' nods to technology’s potential, says Axiom SL.
APRA inquiry to look at whether governance, culture and accountability frameworks conflict with ‘sound risk management and compliance outcomes’.
Firms claim share price would not have suffered as precipitous a decline if claims of money laundering had been revealed earlier.
Trade organisation says move to local CCPs could push up initial margin costs by 20% or more; cites Australian equivalency model.
Cryptocurrency to be brought under AUSTRAC; proposal to follow Japan in giving bitcoin legal tender status being considered by central bank.
Restricted ADI licensees would need only $2.35mn in capital to take deposits; APRA paper does not address budget proposal to remove ‘bank’ capital requirements.
IMF views the central bank less fully compliant with the Basel Core Principles and recommended a more prescriptive rule-making approach to regulation.
Update allows for determining the status of a foreign counterparty and use its status under the margin requirements of the relevant foreign jurisdiction.
Bank claims that the missing TTRs were due to a coding error following a software update in the IDMs since November 2012 until September 2015.
AUSTRAC began civil proceedings against the CBA for “serious and systemic” failure to comply with the AML and counter-terrorism financing laws.