Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.
The bank acknowledges it manipulated bank bill swap rates on five occasions and indulged in “unconscionable conduct” in its A$25 million settlement with ASIC.
Proposed data sets include questions for determining whether governance processes appropriately use compensation and incentive systems to promote good conduct, remediate undesirable conduct and support identification of emerging misconduct risk.
Banks write to regulators to assure them that issues raised during Australian Royal Commission are not as prevalent in New Zealand; regulators respond requesting more detailed response from individual banks.
Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.
The Australian Financial Complaints Authority, going into operation on 1 November this year, will focus on complaints by consumers and small businesses against financial firms.
Regulator warns that Australian corporate and consumer law applies, even for overseas ICOs, if Australian consumers are affected.
Prudential inquiry reveals widespread complacency, inadequate risk management, unclear executive level accountabilities, among other failings at the bank.
Hong Kong exposed to medium-high level of money laundering risk; ability to combat money laundering also assessed as medium-high.
SZSE and SSE have strengthened rules for member firms on monitoring key accounts for abnormal trading and market manipulation.