Australia

    Crypto / Digital Assets

    NZ FMA Warns Influencers Against Providing Financial Advice

    By Ranamita Chakraborty | 30/06/2021

    Social media influencers do not want to find themselves caught offering advice they’re not qualified or authorised to give, warns FMA chief Rob Everett.

    AML / KYC

    CBA Contractors May Have Cut Corners on Compliance Tasks

    By Editors | 29/06/2021

    Contract workers reportedly had to cut corners on compliance tasks to meet their KPIs, including by copy and pasting text from templates to fill reports sent to AUSTRAC.

    AML / KYC

    AUSTRAC Assesses Risk in Non-bank Lending & Financing Sector

    By Editors | 29/06/2021

    The main threat facing the non-bank lending and financing sector is fraud, particularly loan application fraud, identity fraud and welfare fraud.

    AML / KYC

    Australia: Senate Committee Calls for Submissions in AML Inquiry

    By Editors | 27/06/2021

    The inquiry will explore the adequacy and efficacy of Australia’s AML/CTF regime. The terms of reference have been published.

    Market Infrastructure

    Australia Passes Bill to Establish Monitoring Body for ASIC, APRA

    By Ranamita Chakraborty | 27/06/2021

    In its first year, the FRAA will assess ASIC to ensure it is operating in line with expectations and supporting the economic recovery.

    Enforcement

    ASIC Removes SocGen Securities Licence Conditions

    By Ranamita Chakraborty | 27/06/2021

    Independent expert did not identify any deficiencies in the adequacy and effectiveness of SocGen’s client money controls.

    AML / KYC

    Australian Senate to Launch Inquiry into DNFBP Regulation

    By Manesh Samtani | 24/06/2021

    The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.

    ESG / Sustainability

    Australian Regulators Flag Concerns Over Household Debt Risks

    By Ranamita Chakraborty | 24/06/2021

    APRA has written to large banks seeking assurances that lending standards are being maintained to prevent a buildup of risk in housing loan portfolios.

    AML / KYC

    Australia DTA Consults on Digital ID Expansion Plans

    By Ranamita Chakraborty | 24/06/2021

    The consultation will facilitate the introduction of legislation to expand access to the digital identity system to private sector entities.

    Capital / Liquidity

    NZ FMA Unimpressed With Liquidity Practices at Funds

    By Manesh Samtani | 24/06/2021

    The FMA says liquidity stress tests are not being performed frequently enough and fund managers do not have sufficient liquidity management tools.

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