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Australia
AML / KYC
Australia Scraps Golden Visa Programme in Immigration Overhaul
By Editors | 24/01/2024
The programme is being scrapped after the government found it was “delivering poor economic outcomes” and had failed to meet its core objectives.
Capital / Liquidity
RBNZ Consults on Proposals to Activate DTI Restrictions for Mortgage Lending
By Sanday Chongo Kabange | 23/01/2024
The RBNZ says DTI restrictions will allow the central bank to loosen the LVR settings without increasing risks to financial stability.
Sanctions
Australia Announces First Use of Cyber Sanctions Powers
By Editors | 23/01/2024
Australia imposed sanctions against Russian national Aleksandr Ermakov, who was linked to the 2022 Medibank breach.
Sanctions
US, UK, Australia Announce New Round of Hamas Sanctions
By Editors | 23/01/2024
OFAC said the sanctions target Hamas, its financiers, and its international financial infrastructure, including crypto transfers.
ASIC Allows Two Extra Weeks to Register Financial Advisers
By Sanday Chongo Kabange | 19/01/2024
AFS licensees have until 16 February to register their financial advisers. Providing personal advice to retail clients without registration will be subject to regulatory action.
Enforcement
Australian Court Fines ME Bank for Misleading Home Loan Customers
By Editors | 19/01/2024
ME Bank sent inaccurate home loan information to its customers and failed to provide written notice about annual interest rate and repayment amount changes.
Fintech / Regtech
Australia to Establish Risk-based Guardrails for AI Development
By Editors | 18/01/2024
The government will establish mandatory guardrails to promote the safe design, development and deployment of AI systems.
Capital / Liquidity
Australia Treasury Seeks Feedback on Clearing and Settlement Services Rules
By Mark Johnston | 16/01/2024
The draft regulations will specify the classes of clearing and settlement services that are subject to ASIC’s rules and the CCA’s arbitration regime.
ESG / Sustainability
Australia Proposes Legislation to Introduce Climate Reporting Reforms
By Sanday Chongo Kabange | 15/01/2024
The commencement date for the largest entities to file sustainability reports based on standards issued by the AASB is 1 July 2024.
Big Picture
Teething Issues: OTC Derivatives Reporting Rewrites in APAC
By Manesh Samtani | 10/01/2024
The more challenging aspects of implementation involve jurisdiction-specific data fields, the UTI waterfall, UTI generation, and ISO 20022.
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