Australia

Enforcement

ASIC Commences Legal Proceedings Against NAB Over Unlawful Fees

By Editors | 27/02/2021

ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.

Australia Launches Review of AFCA’s Functions, Performance

By Editors | 25/02/2021

The Treasury will ascertain whether AFCA is operating effectively and achieving its objectives, and whether there is a need for a mechanism for reviewing the substance of its decisions.

Enforcement

ASIC Offers Immunity to Market Misconduct Whistleblowers

By Editors | 25/02/2021

Under ASIC’s new immunity policy, individuals who have engaged with others to commit market misconduct offences can seek immunity by reporting the misconduct.

Big Picture

Australia On Track for Smooth IBOR Transition: S&P Global

By Manesh Samtani | 24/02/2021

Like other jurisdictions, AONIA does not yet have an established term market, however banks and corporates can reference the three-month BBSW where a term rate is needed.

Market Infrastructure

Pandemic Provides Key Lessons on Outsourcing Risk: APRA

By Ranamita Chakraborty | 24/02/2021

Speaking at a virtual event hosted by GARP, APRA’s Sean Carmody said the pandemic highlighted financial industry dependencies on certain third-party providers.

AML / KYC

Australian Police Charge Man for Crypto Related Money Laundering

By Editors | 23/02/2021

Police say the Sydney man directed “money launderers for hire” to convert nearly A$5.5mn of cash into bitcoin on his behalf.

Enforcement

Targeted Product Intervention to Lead to ‘Less Regulation’: ASIC

By Ranamita Chakraborty | 22/02/2021

Commissioner Sean Hughes said ASIC will only need to intervene when there are signs of harm and misconduct, emphasising the checks and balances in place.

AML / KYC

New Report Identifies 11 Indicators of Modern Slavery Risk

By Editors | 22/02/2021

Based on an analysis of globally prosecuted cases of modern slavery, FairSupply Analytics has identified 11 indicators to help FIs detect modern slavery.

ABA Outlines Plans for Next Phase of Pandemic Support

By Ranamita Chakraborty | 21/02/2021

No customer is going to wake up the day after 31 March and find that there is some legal action being taken by their bank on their loan, said ABA CEO Anna Bligh.