ADVERTISEMENT
News on frameworks, regulations, and major events related to risks arising from internal processes, systems failures, human errors, or external disruptions.
Operational Risk
RBNZ Orders ANZ New Zealand to Improve Director Attestation Processes
By Editors | 16/12/2019
A report from Deloitte shows some level of complacency in ANZ’s director attestation framework, but no evidence of a culture that supports non-compliance or deception.
Credit Risk
APRA Updates Prudential Standard on Credit Risk Management
By Editors | 13/12/2019
The revised prudential standard on credit risk management will come into effect from 1 January 2021, six months later than was proposed in a March consultation.
Operational Risk
APRA Issues Final Operational Risk Requirements for ADIs
By Editors | 12/12/2019
The prudential standard comes into effect from 1 January 2021 for ADIs using advanced measurement approaches to calculate the required capital for operational risk.
Data Privacy
Data Privacy in Asia Pacific: A Fragmented Landscape
By Sarah Pearce | 10/12/2019
Asia’s data privacy frameworks remain highly fragmented. But companies cannot be complacent about more onerous laws in other jurisdictions, says Sarah Pearce at international law firm Paul Hastings.
Anti-Money Laundering
Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements
By Editors | 04/12/2019
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
Operational Risk
APRA Releases Practice Guide for Super Performance Reviews
By Editors | 03/12/2019
The business performance review requirement requires an RSE licensee to undertake a holistic assessment of its performance across its business operations, services and product offerings.
Conduct, Culture & Accountability
Employee Credit Checks by FIs Are Appropriate: MAS
By Editors | 29/11/2019
It is entirely appropriate for FIs to assure themselves that their employees and representatives are in good financial standing, the MAS says.
Capital Adequacy
RBNZ to Adopt More Intensive Supervisory Approach to Banking
By Editors | 28/11/2019
The RBNZ’s financial stability report says it will bolster bank resilience with higher capital requirements and a “more intensive supervisory approach“.
Operational Risk
APRA Proposes Best Interests Duty for Insurance in Superannuation
By Editors | 26/11/2019
Superannuation funds which use related parties to deliver insurance will need to certify that the arrangements are in the best interests of members.
Capital Adequacy
RBNZ Sanctions NAB’s Bank of New Zealand for Capital Calculation Errors
By Editors | 23/11/2019
Bank of New Zealand is the third of the big four banks in New Zealand to be forced to hold more capital as a result of capital calculation errors.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.