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Enforcement
ASIC Files Court Proceedings Against CBA for Overcharged Interest
By Sanday Chongo Kabange | 02/12/2020
The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.
Capital / Liquidity
APRA Penalises Westpac For Breaches of Liquidity Standards
By Editors | 01/12/2020
Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.
Fintech / Regtech
APRA Grants TransferWise Licence to Directly Access NPP
By Editors | 30/11/2020
Access to Australia’s real-time payments system will enable TransferWise to reduce foreign exchange fees and wholesale banking costs.
Market Infrastructure
ASIC Issues Guidance on Managing LIBOR-related Conduct Risk
By Editors | 30/11/2020
The new guidance is aimed at assisting entities in establishing necessary arrangements to mitigate conduct risk associated with the discontinuation of LIBOR.
Fintech / Regtech
NZX to Create Industry Working Group on Capital Markets Technology
By Editors | 30/11/2020
The working group will develop a roadmap to solve for New Zealand’s lack of scale and geographic isolation through the use of technology.
Fintech / Regtech
Australia, Singapore to Trial Paperless Trade Using Blockchain
By Editors | 29/11/2020
The Australian Border Force, Singapore Customs, and IMDA, as well as industry groups and financial institutions, will participate in the trial.
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.
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