Australia

Capital / Liquidity

APRA to Update Licensing Approach for New Banking Entrants

By Editors | 18/03/2021

The proposed approach will support newly licensed banks so they are better equipped to succeed, according to APRA Deputy Chair John Lonsdale.

Enforcement

Australia Considers Legislation to Make Boards Liable for Cyber Risk

By Editors | 17/03/2021

Legislation currently before Parliament includes security obligations for entities responsible for critical infrastructure, a list that will be significantly expanded.

AML / KYC

Fintel Alliance Secures Win Against ‘Cuckoo Smurfing’ Syndicate

By Ranamita Chakraborty | 16/03/2021

ANZ’s link analysis capability allowed the rapid interrogation of combined banking datasets, which led to the arrests of five individuals involved in an international cuckoo smurfing syndicate.

Market Infrastructure

Australia to Amend OBU Regime to Address OECD Concerns

By Ranamita Chakraborty | 15/03/2021

The government will consult with industry on alternative measures to ensure activity remains in Australia when the OBU regime ends.

New Zealand Launches New Financial Advice Regime

By Editors | 15/03/2021

Anyone who gives regulated financial advice to retail clients must either hold or operate under a Financial Advice Provider licence granted by the FMA.

ESG / Sustainability

APRA Outlines Next Steps in Key Climate-related Initiatives

By Sanday Chongo Kabange | 15/03/2021

APRA will consult on a draft prudential practice guide on climate change financial risk within H1. The first results of big banks’ climate vulnerability assessments will be ready by Q4.

Enforcement

ASIC Imposes Licence Conditions on OTC Derivatives Issuer AxiCorp

By Editors | 15/03/2021

ASIC has agreed to set aside a January 2020 decision to suspend AxiCorp’s AFS licence following the imposition of additional licence conditions.

AML / KYC

APRA Ends Westpac Probe into Possible Banking Law Breaches

By Editors | 14/03/2021

The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.

ASIC Consults on Deferred Sales Model for Add-on Insurance

By Ranamita Chakraborty | 13/03/2021

From 5 October, the deferred sales model will introduce a four-day pause between the sale of a principal product or service and the sale of add-on insurance.