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Reporting & Disclosures
ASIC Fines Super Fund Trustee Diversa for Alleged Greenwashing
By Editors | 28/12/2022
ASIC said the statements made by Diversa Trustees were too broad, potentially misleading consumers about its investment screens.
Structural Regulation
APRA Grants Full ADI Licence to Alex Bank
By Editors | 26/12/2022
The full ADI licence was granted 18 months after Alex Bank received its restricted ADI licence in July 2021.
Structural Regulation
Australia Reverses Restrictions on Litigation Funders
By Editors | 23/12/2022
Litigation funding arrangements are once again exempt from the managed investment scheme and AFS licensing regimes in the Corporations Act.
Capital Adequacy
APRA to Set CCyB Default Rate at 1pc from 1 Jan 2023
By Editors | 22/12/2022
The CCyB default rate in Australia has been set at zero percent of risk-weighted assets since it was introduced in 2016.
Anti-Money Laundering
NZ FMA Takes Tiger Brokers to Court for AML Failings
By Editors | 22/12/2022
Tiger Brokers failed to appropriately vet customers, respond to activities that should have raised concerns, and maintain appropriate records.
Structural Regulation
ASIC Finalises Changes to OTC Derivatives Reporting Rules
By Manesh Samtani | 22/12/2022
ASIC has consolidated a proposed two-stage process for updating the rules into a single update commencing 21 October 2024.
Stablecoins
ASIC Files Suit Against Finder Wallet Over Crypto-related Product
By Sanday Chongo Kabange | 20/12/2022
Finder Wallet offered a crypto-related product that paid customers a return for use of their funds, like a debenture, ASIC says.
Emerging Prudential Risks
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.
Anti-Money Laundering
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.
Data Privacy
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.
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