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Securities / Derivatives
APRA Heatmap Identifies 15 Poorly-Performing MySuper Products
By Sanday Chongo Kabange | 19/12/2022
An estimated 8.1 million MySuper members benefitted from a drop in total fees and costs since last year’s heatmap was published.
AML / KYC
AUSTRAC Issues Guidance on Detecting OSEC Crime
By Editors | 19/12/2022
AUSTRAC has updated its 2019 indicators report to help FIs identify behaviours and transactions which may indicate payments for child sexual exploitation material.
Fintech / Regtech
ACCC Fines ING for Breaching CDR Rules, Refuses iSignthis Accreditation
By Editors | 18/12/2022
The ACCC said ING Bank was not capable of receiving consumer data requests from accredited data recipients within the required timelines.
Enforcement
ASIC Takes First DDO Court Action Against Distributor
By Editors | 18/12/2022
The distributor cross-sold a non-guaranteed managed investment scheme to the same customers that bought guaranteed term deposits.
AML / KYC
NZ FMA Issues AML Warning Against Private Equity Firm
By Editors | 18/12/2022
The FMA said Pencarrow Private Equity failed to retain and make readily accessible identity and verification records for customers.
Market Infrastructure
ASX Commits to Providing Certainty on Stability of CHESS
By Sanday Chongo Kabange | 16/12/2022
ASIC and the RBA asked ASX to issue a special audited report detailing arrangements to ensure the stability, security and resilience of the existing CHESS system.
Sanctions
New Russia, Iran Sanctions Imposed Over Drone Use in Ukraine
By Mark Johnston | 16/12/2022
The UK, EU and New Zealand has announced new sanctions against Iranian individuals and entities over the supply of drones to Russia.
Capital / Liquidity
RBA’s Term Funding Facility Didn’t Boost SME Lending as Intended
By Editors | 15/12/2022
Researchers said the TFF did not directly increase business lending, but it did reduce banks’ funding costs and led to lower interest rates throughout the economy.
Crypto / Digital Assets
Australia Seeks Input on Strategic Plan for Payments System
By Manesh Samtani | 15/12/2022
The government will also empower the RBA to regulate digital wallet providers and improve the regulatory framework for crypto service providers.
AML / KYC
AUSTRAC Releases First Proliferation Financing Risk Assessment
By Manesh Samtani | 15/12/2022
Australia is vulnerable due to lack of reporting requirements for DNFBPs and poor transparency of companies, trusts, and beneficial ownership.
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