Australia

ASIC Sets Expectations on New Complaints Handling Obligations

By Ranamita Chakraborty | 14/04/2021

ASIC plans to check in with industry at various stages of RG 271’s implementation and assess whether its expectations about preparation are being met.

ESG / Sustainability

New Zealand Introduces Law on Mandatory Climate Disclosures

By Manesh Samtani | 13/04/2021

Once the bill is passed, disclosures will be required for financial years commencing in 2022, meaning the first disclosures for around 200 organisations will be made in 2023.

Enforcement

Australian Charged With Insider Trading Over Diamond Discovery

By Editors | 13/04/2021

The man traded while in possession of inside information relating to a diamond discovery by Lonrho Mining in Africa in 2012.

AML / KYC

RBNZ Establishes Standalone Enforcement Department

By Ranamita Chakraborty | 13/04/2021

The new department will work to incentivise and manage prudent behaviour as well as hold institutions to account for non-compliance.

Enforcement

ASIC Seeks Penalties from Westpac Over Credit Insurance Sales

By Editors | 12/04/2021

ASIC says Westpac debited premiums for consumer credit insurance from customers who did not agree to purchase the products.

Enforcement

Australian Court Orders Penalty Against CBA for Overcharged Interest

By Editors | 10/04/2021

CBA was ordered to pay A$7mn for a systems error that resulted in over 1,500 customers being charged a higher interest rate on overdraft accounts.

Securities / Derivatives

SGX, NZX Sign Partnership on Dairy Derivatives

By Editors | 10/04/2021

NZX intends to delist its suite of dairy derivatives contracts from the NZX Derivatives Market and relist equivalent contracts on SGX.

AML / KYC

Sydney Court Jails Man for Cryptocurrency Money Laundering

By Sanday Chongo Kabange | 08/04/2021

The man used other people’s identities to set up accounts with a cryptocurrency provider, which he used to withdraw stolen bitcoin.

APRA Approves Westpac Plan to Strengthen Risk Governance

By Editors | 07/04/2021

The integrated plan outlines a comprehensive program of work to enhance Westpac’s risk culture and risk governance.