Australia

AML / KYC

NZ Issues AML/CFT Advisory On Sight Unseen Property Purchases

By Ranamita Chakraborty | 13/07/2021

Sight unseen real estate purchases are an attractive method of money laundering and terrorism financing, the Department of Internal Affairs says.

Fintech / Regtech

New Zealand to Establish Consumer Data Right Framework

By Ranamita Chakraborty | 12/07/2021

The government will look to align New Zealand’s CDR system with the Australian model, rolling it out on a sector-by-sector basis.

Enforcement

Australian Court Set to Impose First Sentences Over Bad Audits

By Editors | 11/07/2021

EC Audit and its former director are the first auditors in Australia to face criminal prosecution for failure to comply with auditing standards.

Enforcement

NZ FMA Cancels Fund Manager Licence for ‘Material’ Breaches

By Editors | 11/07/2021

Fund Managers Otago incorrectly calculated and disclosed returns in fund updates and entered into prohibited related party transactions, among other breaches.

Crypto / Digital Assets

RBNZ to Consult on Potential CBDC Issuance

By Sanday Chongo Kabange | 08/07/2021

The RBNZ plans to consult on broad concepts of money and cash stewardship, the potential for a CBDC, and issues arising from crypto assets and stablecoins.

Australia Commences New Debt Management Licensing Regime

By Ranamita Chakraborty | 08/07/2021

Providers of debt management services including debt negotiation or credit repair services must obtain a credit licence to continue operating.

APRA, ASIC Call on Super Trustees to Police Advice Fees

By Ranamita Chakraborty | 07/07/2021

Trustees should have in place processes and a robust assurance framework to ensure fee deductions from superannuation accounts are appropriate.

Fintech / Regtech

Australian Treasury Proposes to Lower Barriers to CDR Participation

By Editors | 07/07/2021

Rule amendments include changes to reduce barriers to participate in open banking and increase participation in the CDR by data recipients and consumers.

AML / KYC

Westpac Identifies Potential Fraud Involving Finance Company

By Ranamita Chakraborty | 06/07/2021

Westpac is said to have provided lease financing to customers only to later discover that it had lent money against office equipment that may not have existed.