Australia

Enforcement

Compensation for Poor Advice Reaches A$4.7b: ASIC

By Editors | 14/03/2023

As of end December, the major banks paid or offered to pay almost AUD 4.7 billion (USD 4.2 billion) in compensation to over 1.6 million customers.

Enforcement

LBMA to Probe Perth Mint ‘Gold Doping’ Allegations

By Editors | 14/03/2023

Adverse findings under LBMA’s incident review process can result in refiners being struck off the Good Delivery List.

Crypto / Digital Assets

NAB Completes First Cross-border Stablecoin Transaction

By Editors | 14/03/2023

NAB expects to be supporting select corporate and institutional clients to transact using digital assets by the end of 2023.

AML / KYC

AUSTRAC Launches Specialist AML Unit for Gambling Sector

By Editors | 13/03/2023

AUSTRAC reportedly warned gambling industry officials it had “identified serious non-compliance in a number of businesses”.

Enforcement

Australian Court Fines ANZ Over Introducer Programme

By Editors | 13/03/2023

ANZ received sensitive information or documents about borrowers from unlicenced third parties through its introducer programme.

Securities / Derivatives

Australia to Commence Review of Managed Investment Schemes

By Editors | 13/03/2023

The review will consider enhancements to the MIS framework to identify gaps and reduce undue financial risk for investors.

Capital / Liquidity

APRA Proposes Changes to Quarterly ADI Performance Publication

By Editors | 10/03/2023

The proposed changes are meant to align the QADIP publication with the new capital framework and ensure consistency with the ADICP.

Big Picture

Australian Asset Owner Mandates Omit Climate

By ESG Investor | 10/03/2023

Only a “small number” issuing specific decarbonisation or net zero requirements; IGCC urges investors to “translate aspirations into action”.

Enforcement

ASIC Issues Stop Orders Against Interactive Brokers’ Securities Lending Product

By Editors | 09/03/2023

ASIC says Interactive Brokers inappropriately included investors in the target market that didn’t align with the features and risks of the product.