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AML / KYC
FSC Australia Issues Guidance on Russian Asset Divestment
By Editors | 08/04/2022
The guidance is for superannuation trustees, asset managers investing superannuation capital, and asset managers operating managed schemes with super funds as investors.
Enforcement
Westpac Penalised in Consumer Credit Insurance Mis-selling Case
By Editors | 08/04/2022
Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.
Capital / Liquidity
APRA to Align Definition of SFI Across Prudential Standards
By Editors | 06/04/2022
Under the changes, foreign-owned ADIs will only be considered a ‘significant financial institution’ for capital adequacy purposes if they are large or complex.
APRA Advances to Phase 2 of Superannuation Data Transformation
By Editors | 05/04/2022
Phase 2 will deliver more data on retirement outcomes, performance, efficiency, governance, risk management practices, fund operations and industry risks.
Enforcement
ASIC Launches Federal Court Proceedings Against Macquarie
By Editors | 05/04/2022
ASIC says Macquarie failed to properly detect and prevent unauthorised fee transactions by now-convicted former financial adviser, Ross Andrew Hopkins.
Fintech / Regtech
Australian Banks Get More Time for Joint Account Data Sharing
By Editors | 05/04/2022
Non‑major Australian banks are being given an additional three months to commence sharing of joint account data.
AML / KYC
Australia to Scrap Company Searches Fees from Sept 2023
By Editors | 04/04/2022
The scrapping of company search fees means ASIC will forgo A$64.9mn in revenue over three years from 2023-24.
AML / KYC
US Designates Russian Tech Firms for Enabling Sanctions Evasion
By Manesh Samtani | 03/04/2022
US sanctions 21 entities and 13 individuals. EU to propose new measures this week. Australia applies 35% export tariff.
Fintech / Regtech
APRA Sets Out Roadmap for Full Transition to APRA Connect
By Editors | 01/04/2022
APRA says it will receive all data collections through APRA Connect by 2027, and regulated entities should prepare by exploring automation opportunities.
AML / KYC
Australia a ‘Laggard on the World Stage’, Senate AML Inquiry Finds
By Manesh Samtani | 31/03/2022
Senate committee warns that the government’s failure to bring lawyers, accountants and real estate professionals into the AML/CFT regime is harming Australians.
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