Australia

Capital / Liquidity

APRA, RBA to Discontinue Committed Liquidity Facility

By Editors | 10/09/2021

APRA and the RBA consider there to be sufficient HQLA for banks to meet LCR requirements and for the foreseeable future without the need to utilise the CLF.

Securities / Derivatives

Australian Carbon Exchange Expected to Launch in 2023

By Editors | 10/09/2021

Australia’s Clean Energy Regulator has invited 13 companies including ASX to participate in an RFP to develop an exchange-traded market and registry for carbon offset units.

Enforcement

Australian Court Fines Allianz, AWP for Deceptive Conduct

By Editors | 09/09/2021

Allianz and AWP will pay a total AUD 1.5 million for engaging in misleading and deceptive conduct when selling travel insurance.

APRA Finds Praise in Survey of Regulated Entities

By Editors | 09/09/2021

APRA’s supervision helps to protect banking, insurance and superannuation industries, say 95 percent of regulated entities.

Enforcement

Court Finds Colonial First State Engaged in Misleading Conduct

By Editors | 09/09/2021

The Federal Court found that Colonial First State misled its customers to encourage them not to transfer their superannuation to a lower cost MySuper product.

Capital / Liquidity

RBNZ Directs Banks to Correct Liquidity Management Weaknesses

By Ranamita Chakraborty | 08/09/2021

Banks have been sent a detailed list of the RBNZ’s findings and instructions to develop remediation plans and conduct assessments against the findings.

AML / KYC

AUSTRAC Releases Banking Sector Risk Assessments

By Manesh Samtani | 07/09/2021

The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.

Market Infrastructure

ASIC Issues Final Guidance on Breach Reporting Obligations

By Sanday Chongo Kabange | 07/09/2021

Licensees should have in place clear, well-understood and documented processes for identifying, recording, assessing, escalating and reporting breaches.

AML / KYC

AUSTRAC Outlines Common Reporting Mistakes – Report

By Editors | 06/09/2021

Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.