Australia

Market Infrastructure

RBNZ Consults on New Policy for Branches of Overseas Banks

By Sanday Chongo Kabange | 07/11/2023

This is the RBNZ’s third consultation regarding its planned new policy for branches of overseas banks.

Enforcement

ASIC Files First Lawsuit for Non-compliance With IDR Regime

By Sanday Chongo Kabange | 07/11/2023

ASIC says Telstra Super did not respond to more than 100 complaints within the 45 days required under the new internal dispute resolution regime.

AML / KYC

AUSTRAC Explains AML/CTF Considerations of Data Breaches

By Sanday Chongo Kabange | 05/11/2023

Regulated entities should review their risk assessments to ensure they reflect the increased ML/TF risks that could arise from a data breach.

AML / KYC

ASIC Shuts Off Access to 2,500 Scam and Phishing Websites

By Sanday Chongo Kabange | 03/11/2023

ASIC has a new website takedown service to remove or limit access to fraudulent and malicious websites on the internet.

ESG / Sustainability

Australia Consults on New Sustainable Finance Strategy

By Sanday Chongo Kabange | 03/11/2023

The strategy includes plans to develop a fund-labelling regime for sustainable investment products and explore nature-related disclosures.

AML / KYC

AUSTRAC Establishes Operational Response To Israel-Gaza Conflict

By Sanday Chongo Kabange | 02/11/2023

AUSTRAC advises reporting entities to report any suspicious transactions they identify as part of the “important role” they play in stopping financial crime.

Securities / Derivatives

Australia Commences Review of 2021 Disclosure Law Amendments

By Editors | 01/11/2023

The review will seek to determine whether the 2021 amendments are working as intended.

Enforcement

APRA Applies A$20m Capital Charge to RAC Insurance

By Sanday Chongo Kabange | 01/11/2023

APRA said its review of RAC Insurance revealed “significant weaknesses” in its outsourcing controls, conflict management and board decision making.

Fintech / Regtech

Integration of AI, Fintech, ESG Gets Underway 

By Jill Wong | 31/10/2023

The financial industry is accelerating its interest around three main themes – fintech, ESG and AI.