Australia

Market Infrastructure

Australian Police to Establish Ransomware Taskforce

By Ranamita Chakraborty | 22/06/2021

The new taskforce will enable the Australian police to have a more unified approach to pursue ransomware attackers.

AML / KYC

‘Tranche 1.5’ AML Reforms Take Effect in Australia

By Editors | 20/06/2021

AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.

Capital / Liquidity

RBNZ Finalises 7-Year Roadmap for Higher Bank Capital

By Manesh Samtani | 18/06/2021

The minimum total capital requirement for banks will increase 9% from 1 July 2024. Banks will also be expected to hold a ‘Prudential Capital Buffer’.

AML / KYC

NAB Contract Workers Received Little AML Training: Report

By Ranamita Chakraborty | 17/06/2021

The revelation comes follows AUSTRAC’s launch of a formal enforcement investigation into NAB earlier this month.

Capital / Liquidity

ASIC Enhances Capital Rules for Securities, Futures Firms

By Sanday Chongo Kabange | 17/06/2021

Securities market participants must hold core capital of at least A$500,000, up from A$100,000 currently required. One year is given for compliance.

RBNZ to Add Debt-to-income Limits to Policy Toolkit

By Editors | 17/06/2021

DTI limits will reduce the likelihood of mortgage defaults, the RBNZ said, expressing concerns that rising housing prices may present financial stability risks.

Market Infrastructure

ASX Completes Corporate Actions Upgrade Project

By Sanday Chongo Kabange | 17/06/2021

The project enables full straight-through processing for corporate actions, reducing risk for market participants and facilitating more informed decision-making.

Enforcement

ASIC Sues Austal Over Breach of Continuous Disclosure Obligations

By Ranamita Chakraborty | 16/06/2021

Major shipbuilder Austal breached its continuous disclosure obligations in 2016 by failing to disclose a material change in its prior earnings guidance, ASIC says.

AML / KYC

PNG’s BSP Financial Group Faces Possible AML Penalties

By Editors | 16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.