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AML / KYC
AUSTRAC Orders Mutual Bank to Uplift AML Compliance
By Editors | 05/05/2021
Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.
Fintech / Regtech
NPP Australia Implements Data-Rich Messaging Standards
By Ranamita Chakraborty | 05/05/2021
NPP participating FIs can receive payment messages formatted with additional defined data elements for payroll, tax, superannuation and e-invoicing.
Big Picture
RBNZ to Consider Further Calibration of LVR Restrictions
By Sanday Chongo Kabange | 05/05/2021
The RBNZ may further tighten mortgage lending to guard against financial stability risks through adjustments to LVR restrictions.
Securities / Derivatives
Australia Consults on New Requirements for Proxy Advisers
By Ranamita Chakraborty | 05/05/2021
The Treasury is proposing that proxy advisers be required to obtain an AFS License, among other requirements aimed at increasing transparency.
ESG / Sustainability
New Zealand Launches First Carbon Efficient Indices
By Editors | 05/05/2021
All S&P/NZX 50 companies are covered in the new indices. Constituent weights will be adjusted based on carbon intensity and emissions performance.
Australia Enhances Super Fund Performance Test in Draft Bill
By Ranamita Chakraborty | 04/05/2021
Industry bodies broadly support the inclusion of administrative fees in the performance test, though an extra one million super accounts could fail the test as a result.
Fintech / Regtech
Regulatory Reporting Lessons from Singapore and Australia
By Editors | 04/05/2021
MAS and APRA are among the regulators that have wholeheartedly endorsed the use of technology to improve the quality, accuracy and speed of reporting.
Enforcement
ASIC Finds Client Detriment in Review of IOOF Licensees
By Ranamita Chakraborty | 03/05/2021
In a statement, IOOF said that the advice file reviews highlighted by ASIC were already part of its existing remediation programmes of work.
AML / KYC
RBNZ Calls on Banks to Avoid De-risking Pacific Island Nations
By Ranamita Chakraborty | 03/05/2021
The RBNZ and RBA are working with Pacific Island nations to develop a regional KYC facility, to support businesses in meeting their compliance obligations.
ESG / Sustainability
APRA Chair Outlines Initiatives to Financial Sector Risks
By Sanday Chongo Kabange | 03/05/2021
APRA is piloting a risk culture survey, independent cyber security reviews, and a new data collection exercise on technology and cyber risks.
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