Australia

New Zealand FMA Grants Reporting Relief Amid Auditor Shortage

By Ranamita Chakraborty | 14/06/2021

Businesses affected by an auditor shortage in New Zealand will be allowed an additional month to comply with reporting requirements.

AML / KYC

AUSTRAC Seeks Input to Develop New Reporting Systems

By Editors | 14/06/2021

Input is sought as part of a discovery phase of a four-year systems transformation programme to replace ‘AUSTRAC Online’.

Market Infrastructure

ASIC Extends Transitional Relief for Foreign Financial Services Firms

By Editors | 13/06/2021

ASIC is extending transitional relief provided under its new regulatory framework for foreign firms pending the outcome of the government’s announced reforms.

Securities / Derivatives

ASIC Stresses Quality of Financial Reports, Disclosures

By Ranamita Chakraborty | 11/06/2021

The assumptions underlying estimates and assessments for financial reporting purposes should be reasonable, supportable, realistic, and not overly optimistic or pessimistic.

Enforcement

ASIC Files Australia’s First Criminal Charges Related to Auditing

By Ranamita Chakraborty | 10/06/2021

The charges against EC Audit and its director allege that the audits of Halifax Investment Services were not conducted in accordance with the relevant standards.

Market Infrastructure

Australia to Introduce Regulatory Reforms for FMIs

By Editors | 09/06/2021

The new crisis management regime will allow the RBA to manage a failure at a domestic clearing and settlement facility, supported by a AUD 5 billion standing facility.

AML / KYC

Australians Lost a Record A$851mn to Scams Last Year: ACCC

By Ranamita Chakraborty | 09/06/2021

Investment scams accounted more than a third of total losses, followed by romance scams and payment redirection scams as the next biggest categories.

Capital / Liquidity

APRA Proposes Phased Approach to New Credit Risk Reporting Standard

By Manesh Samtani | 09/06/2021

An interim and simplified reporting standard will apply while ADIs develop their capabilities for delivering the full suite of credit risk data collected by ARS 220.0.

AML / KYC

AUSTRAC Launches Fresh Probes into Australian Casinos

By Ranamita Chakraborty | 07/06/2021

AUSTRAC has launched enforcement investigations into Crown Perth, The Star Sydney and SkyCity Adeliade over their dealings with high-risk customers and PEPs.