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.
ASIC has asked 5 banks to put in place measures to monitor, review and better explain to customers the potential risks of providing account access to third parties like financial advisers.
NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.
Developed by the World Bank, a A$100 million kangaroo bond, issued and distributed through blockchain, will open to investors later this month in Washington and Sydney.
Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.
Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.