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AML / KYC
NZ FIU Calls on Industry to Ramp Up AML Efforts
By Manesh Samtani | 03/08/2021
The goal is to push criminals to the margins and into the hands of non-compliant operators, where law enforcement can be deployed more effectively.
Capital / Liquidity
RBNZ to Tighten Mortgage Lending Standards From October
By Editors | 02/08/2021
The RBNZ will further restrict high-LVR lending, and also consider the use of DTI restrictions and interest rate floors.
AML / KYC
Western Australia Man Jailed for Dealing in Criminal Proceeds
By Editors | 02/08/2021
The man was sentenced to five years jail over A$6.1mn in cash discovered as a result of intelligence gained during Operation Ironside.
Securities / Derivatives
APRA Raises Expectations on Superannuation Entities
By Editors | 02/08/2021
APRA has written to RSE licensees describing their key obligations in light of the introduction of the Your Future, Your Super reforms.
Enforcement
Westpac Insider Trading Case May Not Be Heard Until 2023
By Editors | 01/08/2021
A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.
ASIC Offers Guidance on Deferred Sales Model for Add-on Insurance
By Ranamita Chakraborty | 01/08/2021
Starting on 5 October, a four-day pause will be introduced between the sale of a principal product or service and the sale of add-on insurance.
Capital / Liquidity
APRA to Formalise Regulatory Support for Covid Loans
By Editors | 01/08/2021
APRA intends to formalise regulatory support measures for banks offering Covid-19 loans through a temporary amendment to APS 220.
Enforcement
AIA New Zealand Faces Penalty for Misleading Customers
By Ranamita Chakraborty | 01/08/2021
AIA’s remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.
AML / KYC
AUSTRAC Consults on AML/CTF Rule Amendments
By Editors | 31/07/2021
The amendments allow FIs to carry out ACIP on a customer after an account is opened, provided the initial deposit is the only transaction made at opening.
Enforcement
Australia: BT, Asgard Fined for Charging Fees for No Service
By Sanday Chongo Kabange | 30/07/2021
Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
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