Australia

Westpac Advances Progress on Risk Governance Improvements

By Ranamita Chakraborty | 13/11/2021

Westpac CEO Peter King says the bank is already seeing culture improvements and benefits through reduced complexity and improved accountability.

Capital / Liquidity

APRA Sets Out Macroprudential Policy Framework

By Editors | 12/11/2021

APRA has defined certain credit measures it can take to address systemic risks if needed, such as temporary lending limits and minimum lending standards.

Australia to Strengthen Privacy Regime Through New Legislation

By Sanday Chongo Kabange | 11/11/2021

The draft bill will introduce tougher penalties and enforcement powers to enable the OAIC to resolve matters more effectively and efficiently.

Enforcement

NZ FMA Expects Proactive Self-reporting of Misconduct Issues

By Editors | 08/11/2021

The minimum expectation for good conduct risk management is for firms to self-report potential breaches to the FMA, said acting general counsel Karen Chang.

AML / KYC

Australia Launches New Director ID Regime

By Editors | 07/11/2021

Directors will face penalties for not applying for a director ID on time, for providing false ID information, or intentionally applying for multiple director IDs.

Enforcement

Prosecutors Abandon Criminal Cartel Case Against ANZ

By Editors | 07/11/2021

Prosecutors have decided to abandon the case against ANZ after being asked to refile their indictment a third time. The cases against Deutsche Bank and Citi will proceed.

ASIC to Assume Responsibilities for Financial Advice Industry

By Editors | 07/11/2021

Financial advisers providing personal advice to retail clients have to register with ASIC by 1 January 2023. ASIC will also administer the financial adviser exam.

Fintech / Regtech

Australia Open Banking Regime Reaches New Milestone

By Editors | 07/11/2021

Major banks can enable data sharing for corporate customers and business partnerships. Non-major banks face enforcement action for non-compliance with their data sharing obligations.

Australia Tables Final Tranche of Royal Commission-related Bills

By Editors | 06/11/2021

Legislation was introduced to establish the FAR and CSLR. Separate bills were introduced to improve the superannuation system and outcomes for litigation funding participants.