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AML / KYC
AUSTRAC Consults on Drafts Guidance to Address Debanking
By Sanday Chongo Kabange | 05/12/2022
FIs should consider a remitter’s, DCE’s or fintech’s registration with AUSTRAC as a mitigating factor when assessing its ML/TF risks.
Market Infrastructure
NZ FMA Publishes Guidance on New Conduct Licensing Regime
By Sanday Chongo Kabange | 04/12/2022
The FMA will begin accepting licence applications on 25 July 2023. The new CoFi regime will come into force in early 2025.
Capital / Liquidity
APRA Finalises Standards on Recovery and Exit Planning
By Editors | 04/12/2022
The new standard will come into effect from 1 January 2024 for banks and insurers and from 1 January 2025 for RSE licensees.
ESG / Sustainability
ASIC Fines Vanguard Australia for ‘Greenwashing’ in Funds
By Editors | 02/12/2022
Vanguard’s exclusion was meant to prevent investment in companies that sell tobacco products, but its screen only excluded manufacturers and not sellers.
Capital / Liquidity
APRA Pledges to Minimise Burden of New Data Collections
By Editors | 02/12/2022
APRA says it is committed to “early and frequent” engagement with the industry on its new data collections, what it calls a “co-design approach”.
ESG / Sustainability
APRA Unveils Results of Big Bank Climate Vulnerability Assessments
By Editors | 01/12/2022
The CVA results suggest that climate risk impacts and bank loan losses are likely to be concentrated in specific regions and industries.
AML / KYC
AUSTRAC Commences Court Proceedings Against Star Casinos
By Manesh Samtani | 01/12/2022
Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of “an innumerable number” of other breaches.
Enforcement
Australian Court Dismisses ASIC Proceedings for CBA Overcharging
By Editors | 30/11/2022
CBA’s terms and conditions acknowledged that sometimes the bank ‘can get things wrong, and when this happens’ it is ‘determined to make them right again’.
APRA Publishes ‘One-stop Shop’ Guidance for Directors of ADIs
By Editors | 30/11/2022
The guide brings together all of the standards and PPGs needed to help directors navigate requirements that are specific to them, APRA said.
Enforcement
Australia Passes Bill Raising Penalties for Privacy Violations
By Manesh Samtani | 29/11/2022
The legislation also amends the extraterritorial jurisdiction of the Privacy Act to bring into scope foreign firms conducting business in Australia.
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