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Enforcement
ASIC Files Suit Against ANZ Over ‘Unlawful’ Credit Card Charges
By Editors | 31/05/2022
ANZ charged fees and interest to customers who withdrew funds that were shown as available on their credit card account balances.
Capital / Liquidity
RBNZ Commends Westpac for Improved Liquidity Risk Management
By Editors | 31/05/2022
The RBNZ says Westpac NZ has improved its liquidity risk management and risk culture by improving resourcing and governance.
Enforcement
ACCC Commences Legal Proceedings Against Mastercard Units
By Editors | 31/05/2022
The ACCC says Mastercard offered cheaper rates to over 20 major retail businesses if they used its own network to process transactions.
ESG / Sustainability
ASX to Scrutinise ETF Labels to Tackle Greenwashing – Report
By Sanday Chongo Kabange | 30/05/2022
ASX will scrutinise listed instruments to ensure they are “true to label” and only list new funds that comply with ASIC’s naming requirements.
ESG / Sustainability
Australia to Start Work on Sustainable Finance Taxonomy in July
By Editors | 30/05/2022
The Australian Sustainable Finance Institute is seeking proposals from consultants who can work with it on the first phase of its taxonomy project.
NZ FMA Issues Record-keeping Guidance for Advice Firms
By Editors | 29/05/2022
The FMA says a robust record keeping practice will enhance confidence in a financial advice provider’s compliance framework.
Securities / Derivatives
ASIC Proposes to Extend Retail Ban on Binary Options
By Editors | 29/05/2022
ASIC’s product intervention order is due to expire on 7 October 2022. ASIC proposes to extend it until 1 October 2031.
Crypto / Digital Assets
New Zealand Probes Fake Crypto Firm Over Missing Funds
By Sanday Chongo Kabange | 26/05/2022
A company called Quwiex Limited disappeared with investor funds after saying its website was deactivated for an upgrade.
AML / KYC
Australia: FSC Calls for Measures to Stop Online Scam Ads
By Editors | 22/05/2022
The Financial Services Council is calling for the introduction of a mandatory code of conduct for digital platforms like Facebook and Google to prevent financial scams.
AML / KYC
ASIC Cautions Against Purchasing ‘Fake Green Bonds’
By Editors | 21/05/2022
ASIC says retail investors who are approached to invest in green bonds should ask their banks for help to check the legitimacy of the offer.
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