Australia

AML / KYC

New Zealand Consults on Broad Changes to AML/CFT Act

By Manesh Samtani | 07/10/2021

Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.

Australia Drafts Rules for Financial Advisor Discipinary Matters

By Editors | 07/10/2021

The regulations prescribe when ASIC must refer disciplinary matters to the single disciplinary body and which sanctions must be included on the Financial Advisers Register.

Capital / Liquidity

APRA Unveils Initial Measures to Contain High Risk Lending

By Editors | 06/10/2021

Banks should operate with a mortgage serviceability buffer of at least 3 percentage points over the loan interest rate, and control lending at high debt-to-income ratios.

Fintech / Regtech

Australia Finalises CDR Rule Changes to Increase Participation

By Sanday Chongo Kabange | 06/10/2021

The amendments allow accredited data recipients to sponsor other parties to become accredited or allow them to operate as representatives.

Fintech / Regtech

RBNZ Issues Consultation on Potential CBDC Issuance

By Ranamita Chakraborty | 04/10/2021

A CBDC would help ensure central bank money remains relevant in a digital future, while also providing an additional monetary policy tool, the RBNZ said.

Enforcement

New Zealand: Class Action Filed Against ANZ, ASB

By Editors | 04/10/2021

The class action reportedly involves interest and fees ANZ and ASB were not entitled to charge due to breaches of their disclosure obligations.

AML / KYC

AFP Wins First Asset Confiscation Case Under Operation Ironside

By Editors | 01/10/2021

A$6mn in cash obtained as a result of the forfeiture order will be redistributed to support crime prevention, law enforcement and related community initiatives.

APRA Prepares Measures to Rein in Housing Loan Growth

By Sanday Chongo Kabange | 01/10/2021

APRA will publish a framework for implementing macroprudential policy to rein in the housing market and curb riskier home loans.

AML / KYC

NZ FMA Toughens Approach to AML Non-Compliance

By Manesh Samtani | 30/09/2021

The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.