Australia

AML / KYC

AUSTRAC Targets Disability Insurance Fraud in New Guidance

By Editors | 09/12/2020

A new financial crime guide details the indicators that can help financial services firms identify when NDIS fraud may be taking place.

ACCC Proposes Measures to Improve Mortgage Pricing Fairness

By Editors | 09/12/2020

The ACCC recommends that lenders be required to regularly prompt borrowers to review their loan costs and consider switching products or lenders.

AML / KYC

AUSTRAC Publishes AML/CTF Guidance for Remittance Providers

By Editors | 09/12/2020

AUSTRAC provides guidance on conducting an ML/TF risk assessment, providing risk awareness training to staff, and fulfilling reporting obligations, among others.

APRA Proposes Potential Changes to Credit Risk Management Standard

By Editors | 09/12/2020

Amendments, including an earlier implementation date, will be necessary if the government’s proposed consumer credit reforms are passed as legislation.

AML / KYC

ANZ, Deutsche, Citigroup Face Trial Over Criminal Cartel Case

By Editors | 09/12/2020

The banks are alleged to have colluded on how to offload ANZ shares in 2015 by restricting supply to maintain market prices.

Capital / Liquidity

APRA Revises Bank Capital Framework to Add Flexibility

By Editors | 09/12/2020

The reforms will deliver a “robust, competitive banking system” that can continue to fulfil its critical role when the community faces challenges, APRA’s Wayne Byres said.

Capital / Liquidity

RBNZ Consults on Reinstatement of LVR Restrictions on Risky Lending

By Editors | 09/12/2020

The RBNZ is concerned that increases in highly-leveraged borrowing, if continued, could lead to emerging risks to financial stability.

Market Infrastructure

NZX Enhances Infrastructure, Security Following Independent Reviews

By Editors | 08/12/2020

EY was commissioned to look into issues stemming from record trading volumes in March and April, while InPhySec looked into NZX’s DDoS attack response in August.

ASIC to Update Regulatory Guide on Consumer Remediation

By Sanday Chongo Kabange | 08/12/2020

There are opportunities for firms to identify issues that can lead to remediations earlier, and to ensure remediation payments are made more quickly and fairly.