Australia

AML / KYC

New Zealand Court Dismisses Appeal of First AML Act Convictions

By Editors | 19/07/2022

Jiaxin Finance, its sole director and his mother were sentenced to pay fines for AML/CFT violations in 2020. Their appeals have been dismissed.

AML / KYC

NSW Authorities Inquire Into Money Laundering via Gaming Machines

By Editors | 17/07/2022

NSW Crime Commission issued new papers as part of an inquiry into money laundering via electronic gaming machines at pubs, clubs and hotels.

ASIC Bans Excessive Fees Charged to Small Credit Customers

By Editors | 15/07/2022

ASIC’s orders prohibit the provision of short term credit and continuing credit contracts which involve unreasonably high fees charged to retail clients.

Enforcement

ACCC Issues First Penalty for CDR Breach Against BOQ

By Sanday Chongo Kabange | 14/07/2022

This is the first infringement notice the ACCC has issued for an alleged breach of the CDR rules as BOQ pays penalty.

AML / KYC

Australian Banks Introduce Dynamic CVV to Reduce Card Fraud

By Editors | 14/07/2022

Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.

Securities / Derivatives

Australia to Explore Unintended Impacts of Super Reforms

By Editors | 12/07/2022

In light of the upcoming review, the government will pause a planned extension of APRA’s performance tests beyond MySuper products for 12 months.

AML / KYC

RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

By Editors | 11/07/2022

A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

Securities / Derivatives

Australia Reviews Impact of 2020 Ban on LIC Stamping Fees

By Editors | 07/07/2022

Two years ago, the government banned LICs and LITs from paying stamping fees to AFS licensees for help secure investors for capital raisings.

Securities / Derivatives

FMA Proposes Guidance for Advising on IPOs, Listed Equity

By Editors | 07/07/2022

The guidance explains the FMA’s approach to applying and enforcing Code Standard 3 of the Code of Professional Conduct for Financial Advice Services.