Australia

Enforcement

ASIC Files Proceedings Against ANZ Over Unpaid Benefits

By Editors | 10/12/2021

ANZ and ASIC have filed a statement of agreed facts and admissions with the court and agreed on a proposed penalty of AUD 25 million.

Enforcement

NZ FMA Files Suit Against Kiwibank for Overcharging Customers

By Editors | 09/12/2021

Between September 2005 and March 2020, some 35,000 home loan customers were overcharged a total of NZD 1.1 million.

Capital / Liquidity

RBNZ Consults on Draft Deposit Takers Act Legislation

By Ranamita Chakraborty | 09/12/2021

The Depositor Compensation Scheme will protect up to NZD 100,000 per depositor, per licensed deposit taker, and is expected to be operational in late 2023.

ANZ Faces Class Action for Over Credit Card Interest Charges

By Editors | 08/12/2021

The class action alleges ANZ contravened the ASIC Act by charging retrospective interest and interest on purchases that were paid off in a timely manner.

Capital / Liquidity

RBNZ Says Stress Tests Show Banks Need More Capital

By Sanday Chongo Kabange | 08/12/2021

The findings reinforce the need for banks to continue to build capital and replace Tier 2 instruments that will cease to be compliant under the new rules on bank capital.

AML / KYC

NZ FMA Risk Assessment Finds VASPs Sector ‘High Risk’

By Sanday Chongo Kabange | 07/12/2021

The FMA’s sector risk assessment for 2021 says VASPs, derivatives issuers and online investment platforms could be targeted by money launderers.

ASIC Set to Undergo First Review by New Monitoring Body

By Sanday Chongo Kabange | 07/12/2021

The new Financial Regulator Assessment Authority will assess ASIC’s effectiveness and capability including in its surveillance and licensing functions.

Crypto / Digital Assets

ASIC Flags Supply Chain Risk as Key Cyber Resilience Concern

By Sanday Chongo Kabange | 07/12/2021

Failure to invest in supply chain risk management could lead to significant consumer harm that might warrant ASIC investigation and action.

Big Picture

RBNZ Responds to XRB and MfE Climate Consultations

By Mark Johnston | 07/12/2021

The RBNZ offers suggestions on the new disclosure standards being developed by the XRB, and proposes policy options to increase the flow of private capital into low-emissions investment.