Australia

AML / KYC

AUSTRAC Publishes Guidance on Detecting Cuckoo Smurfing

By Manesh Samtani | 07/06/2021

The guidance offers indicators to help financial services firms identify and report suspicious transactions related to cuckoo smurfing.

APRA Publishes New Guide on Using New Data Collection Platform

By Editors | 06/06/2021

The guide provides comprehensive information to assist users in accessing, navigating and using APRA Connect.

Fintech / Regtech

RBA to Modernise Identity, Access Management Capabilities

By Ranamita Chakraborty | 04/06/2021

The RBA has issued a tender request inviting firms to supply it technology to enhance its identity and access management capabilities.

Securities / Derivatives

Australia Considers Additional Rules for Litigation Funders

By Ranamita Chakraborty | 02/06/2021

The government will consider capping fees and the introduction of a minimum rate of return for class action members.

Capital / Liquidity

APRA Sets Out Timeline for Finalisation of Capital Reforms

By Editors | 02/06/2021

The final prudential standards will be released in November, the final prudential practice guides in Q2 2022, and the final version of the interim reporting standards in Q3 2022.

Enforcement

ASIC Bans Former Director of Global Merces Funds Management

By Editors | 02/06/2021

The former director is being charged criminally for providing false information to auditors and falsifying the books of Global Merces.

Securities / Derivatives

ASIC Outlines Expectations on Activist Short Selling

By Manesh Samtani | 02/06/2021

Activist short selling can have a positive impact on market integrity, however it can also unduly distort the price of a target entity’s securities, ASIC says.

Enforcement

APRA Targets Risk Culture in Superannuation Sector

By Ranamita Chakraborty | 31/05/2021

APRA is piloting a risk culture survey with plans to roll it out to a number of superannuation entities in 2022.

Market Infrastructure

RBNZ Publishes Results of Data Breach Review by KPMG

By Editors | 31/05/2021

KPMG found that the use of file-sharing app Accellion FTA went beyond the acceptable use specified in the RBNZ’s own guidelines.