Banks required to report customers' foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.
Criminal charges brought by Australian regulators against bankers in the ANZ cartel case represent a challenge against practices traditionally considered the norm in global underwriting syndicate culture.
New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.
AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.
Citigroup, Deutsche Bank and ANZ are facing criminal charges in Australia after an investigation revealed cartel behaviour in the trading of ANZ stock.
New code promises fair treatment, clear communication, customer privacy, responsible lending, effective complaints handling.
RBNZ, FMA say so far no reason to conduct systemic investigation of financial industry’s conduct and culture; banks’ efforts at improving institutional conduct and culture will continue to be monitored.
Government proposes limit of A$10,000 for cash payments to stamp out illegal payments and black economy; transactions exceeding limit must use electronic payments systems or cheques.
Final phase involves fees ASIC charges for specific activities such as licence or registration applications; industry funding model to commence 1 July 2018.
BNZ reported a 34 basis point overstatement of its capital adequacy ratio in its most recent quarterly earnings due to data collection error, marginal overstatement of capital adequacy due to mistakes in collateral value calculation.