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Australia
Market Infrastructure
APRA, ASIC Publish New Guidance for Financial Accountability Regime
By Sanday Chongo Kabange | 03/10/2023
The new information package includes guidance for banks on transitioning to the FAR, including a template for producing accountability statements.
Market Infrastructure
RBA Publishes Conclusions on Measures to Enhance Debit Card Market
By Editors | 02/10/2023
The RBA will not prohibit banks from setting a default routing network on dual-network cards, but said it expects faster progress on enabling least-cost routing.
Capital / Liquidity
NZ FMA Updates Liquidity Risk Management Guidance for Funds
By Editors | 02/10/2023
The proposed guidance makes clear that effective liquidity risk management is a legal obligation of MIS managers and supervisors.
PwC Publishes Review of Tax Leak Scandal, Plans for Change
By Manesh Samtani | 01/10/2023
PwC Australia CEO Kevin Burrowes pledged to adopt all 23 recommendations from an external review of its corporate governance failures.
UK, NZ Sign Pact to Mutually Recognise Auditor Qualifications
By Sanday Chongo Kabange | 29/09/2023
The New Zealand FMA and UK’s FRC have agreed on mutual recognition of the professional qualifications of auditors.
AML / KYC
AUSTRAC Issues Customer Identification Guidance for Gambling Providers
By Sanday Chongo Kabange | 29/09/2023
From September 2024, online gambling providers must complete applicable customer identification procedures before offering gambling services.
Crypto / Digital Assets
ASIC Punishes Fintech Firm for Misrepresenting Crypto Product
By Sanday Chongo Kabange | 28/09/2023
Bobbob and its sole director are prohibited from providing financial services to retail clients for 12 months and paid A$53,000 in penalties.
ASIC Directs Licensees to Improve Remediation Procedures
By Sanday Chongo Kabange | 27/09/2023
ASIC conducted a review of the remediation policies and procedures of some large FIs and identified gaps and inconsistencies that could lead to poor customer outcomes.
Capital / Liquidity
APRA Consults on Updates to EFS Reporting Requirements
By Editors | 27/09/2023
The proposed changes seek to fix some inconsistencies and align the EFS requirements with the updated capital framework released in 2021.
Enforcement
Australian Court Fines ANZ for Unlawful Credit Card Charges
By Sanday Chongo Kabange | 26/09/2023
ANZ was ordered to pay a A$15mn penalty, on top of A$8.3mn in remediation paid to over 186,000 credit card accounts.
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