Australia

AML / KYC

New Zealand DIA, FMA Issue Directions on Outsourced CDD

By Editors | 19/12/2021

Outsourced CDD does not exist in isolation from reporting entities’ wider CDD procedures and obligations, the DIA and FMA said.

Securities / Derivatives

APRA Publishes Latest Data on Super Fund Underperformance

By Editors | 17/12/2021

About 60% of choice products and 45% of MySuper products delivered returns below benchmarks. APRA will further intensify its supervision on trustees delivering sub-standard member outcomes.

Securities / Derivatives

ASIC Consults on How it Communicates Audit Review Findings

By Mark Johnston | 15/12/2021

ASIC proposes to start communicating with company directors more routinely regarding findings from its audit inspections.

Enforcement

FMA Cancels Financial Advice Provider’s Transitional Licence

By Editors | 15/12/2021

This was the first transitional licence cancelled by the FMA, due to “serious misconduct” by the company’s sole financial adviser at a previous employer.

Securities / Derivatives

ASX Introduces Electronic Delivery of CHESS Statements

By Sanday Chongo Kabange | 15/12/2021

The electronic delivery of CHESS statements provides a faster, more efficient service for investors, says ASX group executive Tim Hogben.

Crypto / Digital Assets

Australia Unveils Plans to Reform, Modernise Payments System

By Sanday Chongo Kabange | 14/12/2021

The government plans to establish a licensing regime for crypto exchanges, a custody regime for digital assets, and explore the feasibility of a CBDC.

AML / KYC

AUSTRAC Issues Financial Crime Guide on Disaster Payments Fraud

By Editors | 13/12/2021

The financial crime guide helps financial firms identify the misuse of emergency and disaster payments administered through Services Australia.

Fintech / Regtech

RBA, CBA, NAB Conclude Project Exploring Wholesale CBDC

By Manesh Samtani | 13/12/2021

The model used in the PoC preserves the current role of banks in the financial system and allows non-bank wholesale market participants to access the CBDC.

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.