Australia

Fintech / Regtech

ASX Opens First Industry Test Environment for CHESS Replacement

By Editors | 01/12/2021

ITE1 is open for software providers to test functional and non-functional workflows for the new equities clearing and settlement system.

Capital / Liquidity

RBNZ to Amend Connected Exposures Policy for Banks

By Editors | 30/11/2021

The RBNZ proposes to remove the aggregate gross exposure limit and to allow banks to recognise credit risk mitigations when measuring aggregate net exposures.

AML / KYC

AUSTRAC to Update Guidance on Reporting Cash Transactions

By Editors | 30/11/2021

A TTR will be required for each individual cash transaction of A$10,000 or more. Reporting entities will not need to combine transactions when submitting TTRs.

Fintech / Regtech

ACCC to Launch CDR Sandbox to Support Innovation

By Editors | 30/11/2021

The sandbox aims to help current and prospective CDR participants build and test their solutions faster, and improve accuracy and quality.

New Responsible Lending Laws Take Effect in New Zealand

By Sanday Chongo Kabange | 30/11/2021

The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.

Capital / Liquidity

APRA Finalises New Capital Framework for Banks

By Manesh Samtani | 30/11/2021

The new framework seeks to strengthen financial resilience rather than require banks to raise additional capital, APRA says.

Enforcement

ASIC Files Multiple Court Proceedings Against Westpac

By Editors | 30/11/2021

Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.

Enforcement

APRA Imposes Capital Surcharge on Heritage Bank

By Editors | 29/11/2021

Heritage Bank will also have to complete a remediation programme to address governance and risk management concerns.

Securities / Derivatives

SGX Goes Live with NZX Dairy Derivatives Contracts

By Editors | 29/11/2021

The partnership with SGX will bring “unprecedented access” to the dairy derivatives markets, says NZX chief Mark Peterson.