Australia

Market Infrastructure

Australia Gets New Guidance for Internal Auditors in Financial Services

By Editors | 29/11/2020

The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.

Capital / Liquidity

RBNZ to Re-instate Mortgage Lending Restrictions Early

By Editors | 29/11/2020

The RBNZ intends to re-impose LVR restrictions on high-risk lending with effect from 1 March 2021 – two months earlier than originally anticipated.

Market Infrastructure

APRA Unveils Details of New Cyber Security Strategy

By Manesh Samtani | 26/11/2020

Starting next year, APRA will be asking boards to engage an external auditor to comprehensively review their compliance with CPS 234 on information security.

AML / KYC

RBNZ Investigates Two Banks Over AML Compliance

By Editors | 26/11/2020

The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.

Capital / Liquidity

APRA to Integrate AASB 17 with Capital, Reporting Frameworks

By Editors | 26/11/2020

A failure to update the frameworks would result in insurers needing to maintain dual valuation, actuarial, accounting and reporting systems, APRA says.

Market Infrastructure

Australia Concludes Review of Retirement Income System

By Editors | 26/11/2020

The review signals little urgency to increase compulsory employer superannuation payments, as legislated, to 12 percent by 2025.

Market Infrastructure

NZX Formalises Role of Technology Committee in Enhancing Governance

By Editors | 26/11/2020

The specialist committee was established in April as an interim measure in response to technical issues stemming from record trading volumes.

Capital / Liquidity

RBA Speeds Up Timeline for Higher HQLA Holdings by Banks

By Editors | 25/11/2020

Initially planned to be achieved through a gradual increase until 2024, the RBA said banks can increase their holdings of HQLA to 30 percent by end-2021.

AML / KYC

AUSTRAC Reports on Fintel Alliance Efforts to Combat Criminal Threats

By Manesh Samtani | 25/11/2020

AUSTRAC has developed an algorithm that enables Fintel Alliance to detect suspicious financial patterns while protecting the privacy of underlying reporting entities and personal data.