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Market Infrastructure
NZ Privacy Commissioner Issued Compliance Notice to RBNZ
By Editors | 16/09/2021
The compliance notice was triggered by the cyber-attack suffered by the RBNZ in December 2020, and confirms the work underway to make its systems more secure.
Enforcement
CBA Faces Criminal Charges Over Consumer Credit Insurance Sales
By Editors | 16/09/2021
Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.
Enforcement
PCAOB Fines KPMG Australia Over Training-related Misconduct
By Editors | 15/09/2021
Cheating in online training tests was found to be widespread within the audit practice. KPMG Australia sanctioned 1,131 individuals.
Big Picture
Australia Can Do More to Facilitate Sustainable Recovery: OECD
By Editors | 15/09/2021
The OECD recommends the creation of a roadmap for improving reporting of climate-related risks by listed companies and financial institutions.
Enforcement
Australia: Members Equity Bank Facing 62 Criminal Charges
By Editors | 15/09/2021
ASIC says ME Bank made false or misleading representations about interest rates and repayment amounts to home loan clients.
Market Infrastructure
Australia Appoints Inaugural Members to FRAA
By Editors | 15/09/2021
Nicholas Moore, ex-CEO of Macquarie Group, has been appointed as Chair of the Financial Regulator Assessment Authority, which will oversee ASIC and APRA.
Market Infrastructure
ACCC Authorises Amalgamation of BPAY, eftpos, NPPA
By Editors | 15/09/2021
The ACCC said the merger will enable the three payment schemes to coordinate investment proposals, avoid duplicative spending, and likely result in public benefit.
AML / KYC
NZ Court Fines CLSA Premium NZ for AML/CFT Breaches
By Sanday Chongo Kabange | 13/09/2021
The court said CDD requirements were clearly subordinated to the continuation of CLSA Premium NZ’s relationship with high net worth customers.
AML / KYC
NAB Examining Data on 9m Customers to Plug AML, KYC Gaps
By Ranamita Chakraborty | 13/09/2021
Chief executive Ross McEwan outlined NAB’s work to update KYC information for all its customers as part of efforts to meet its AML obligations.
Market Infrastructure
APRA’s New Data Collection Solution Goes Live
By Editors | 12/09/2021
Banks have to maintain all BEAR information including accountability statements and maps in APRA Connect from this month.
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