Australia

AML / KYC

CBA Becomes First Australia-based LEI Validation Agent

By Editors | 21/02/2024

CBA can now obtain and maintain LEIs for clients leveraging its ‘business-as-usual’ KYC and onboarding processes.

AML / KYC

Australia to “Shortly” Issue New Consultation on Tranche 2 AML Reforms

By Manesh Samtani | 20/02/2024

Officials said feedback to last year’s consultation was “very supportive” and the upcoming consultation will be more detailed.

Australian Competition Tribunal Approves ANZ-Suncorp Merger

By Sanday Chongo Kabange | 20/02/2024

ANZ and Suncorp welcomed the decision, while acknowledging that additional approvals are still needed to complete the deal.

Enforcement

CBA Fined A$10.3m for Underpaying Employees

By Editors | 20/02/2024

Across Australia, some 7,400 CBA and CommSec employees were underpaid A$16mn from 2015 to 2021.

Capital / Liquidity

APRA Consults Again on Super Fund Financial Resources Rules

By Sanday Chongo Kabange | 19/02/2024

APRA’s new consultation proposes a “simpler approach” to its operational risk financial requirement (ORFR).

AML / KYC

SkyCity Facing NZ Court Proceedings for Alleged AML Failures

By Sanday Chongo Kabange | 19/02/2024

The DIA alleges that SkyCity did not meet various obligations required under the AML/CFT Act.

Enforcement

AFP Officer Charged with Stealing Bitcoin from Drug Bust

By Mark Johnston | 17/02/2024

The 2019 theft was discovered in 2021, when police implemented new tracing tools and tracked the crypto to Binance.

AML / KYC

Australia FSC Calls for Threshold Change in ‘Sophisticated Investor’ Test

By Editors | 16/02/2024

The Financial Services Council warns that if the threshold is left unchanged, more than 20% of households would lose important retail investor protections by 2033.

Market Infrastructure

ASIC Proposes Further Changes to OTC Derivatives Reporting Rules

By Manesh Samtani | 16/02/2024

Among other things, the changes will simplify the exchange-traded derivatives exclusion and the scope of foreign entity reporting, as well as remove “alternative reporting”.