Australia

Enforcement

Australian Court Orders Penalty Against NAB Over Introducer Programme

By Editors | 19/10/2020

The penalty was discounted due to NAB’s cooperation with ASIC and its admissions that it contravened the law by using unlicenced home loan referrers.

Enforcement

ASIC, Volkswagen Financial Services Settle Responsible Lending Case

By Sanday Chongo Kabange | 19/10/2020

Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.

AML / KYC

Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico

By Manesh Samtani | 18/10/2020

Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.

Market Infrastructure

Australian Regulators Prescribe Open Access to ASX Clearing Services

By Manesh Samtani | 18/10/2020

According to sources, the guidance was issued to prevent ASX Clear from imposing requirements on NSX with respect to the standards of its listed companies.

AML / KYC

AUSTRAC Decides Against Afterpay Regulatory Action

By Editors | 15/10/2020

Afterpay has uplifted its AML/CTF compliance framework and financial crime function, and completed all remediation necessary to ensure compliance.

Market Infrastructure

Australian Regulators Urge Adherence to ISDA IBOR Fallbacks

By Editors | 14/10/2020

The ISDA IBOR fallbacks protocol and supplement were informed by extensive consultation with industry, including in Australia.

Almost Half of Deferred Loans Resume Repayments: ABA

By Editors | 14/10/2020

The ABA says 45% of deferred mortgages and 41% of small and medium business loans that had been deferred are back to making regular loan repayments.

Securities / Derivatives

SGX, NZX Seek Partnership to Fuel Growth in Dairy Derivatives

By Editors | 14/10/2020

The partnership with SGX will help NZX to unlock and accelerate growth in liquidity and market scale in its dairy derivatives market.

Capital / Liquidity

APRA to Align Prudential Standards with IAIS ComFrame

By Editors | 13/10/2020

APRA has designated QBE Insurance Group as an internationally active insurance group, which will promote coordination with other international supervisors.