Australia

AML / KYC

Singapore, Korea, Switzerland Announce Sanctions Against Russia

By Manesh Samtani | 01/03/2022

Singapore will block certain Russian banks and financial transactions connected to Russia. Major Singapore banks are already restricting trade financing for Russian commodities.

Capital / Liquidity

RBA to Adjust Liquidity-Providing Market Operations

By Editors | 27/02/2022

The RBA will adjust the way it sets interest rates for repo transactions with banks and shorten the maximum tenor to four weeks.

APRA Super Fund Performance Test Results in Mergers, Exits

By Editors | 27/02/2022

13 super funds failed APRA’s inaugural MySuper Product Performance Test last August. The worst performer, Maritime Super, is in talks to merge with industry fund Hostplus.

AML / KYC

Russia Facing Comprehensive Sanctions Over Ukraine Invasion

By Manesh Samtani | 25/02/2022

The US is targeting all ten of Russia’s largest financial institutions. Russian access to most major markets has been restricted.

Securities / Derivatives

RBNZ to Gradually Unwind QE Programme Starting in July

By Ranamita Chakraborty | 24/02/2022

Rather than sell bonds back into the secondary market, the RBNZ will sell them to the Treasury at a pace of NZD 5 billion each fiscal year.

Capital / Liquidity

RBNZ Consults on Dual Reporting Requirements for IRB Banks

By Sanday Chongo Kabange | 22/02/2022

The RBNZ plans to bring dual reporting requirements into effect from 1 July 2022, requiring IRB banks to also disclose RWA outcomes based on the standardised approach.

Enforcement

Australian Court Orders Super Trustee to Pay A$20m

By Editors | 22/02/2022

Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.

APRA Offers Guidance on Managing Compliance Risk

By Sanday Chongo Kabange | 22/02/2022

APRA wants regulated entities to give compliance risk management the same attention they give to cyber risk, operational risk management and other risk classes.

AML / KYC

AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

By Editors | 22/02/2022

The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.