AUSTRALIA

AML / KYC

RBA Underlines High Cost of Cross-Border Transfers via Big Banks

By Editors | 11/12/2019

The average mark-up over the wholesale exchange rate is around 5.5% for the major banks, versus about 1% for the digital money transfer services, said RBA governor Philip Lowe.

APRA Publishes Names of Underperforming Super Funds

By Editors | 11/12/2019

APRA has published a colour-coded ‘heatmap’ to lift industry practices and enhance member outcomes by enabling comparison between superannuation products.

Capital / Liquidity

ASIC Offers Clarity on Responsible Lending Obligations

By Editors | 09/12/2019

ASIC has clarified when a licensee might undertake more or less detailed inquiries and verification steps based on different consumer circumstances and the type of credit being sought.

Market Infrastructure

Australia Reintroduces Mandatory Comprehensive Credit Reporting Bill

By Editors | 09/12/2019

The revised Bill introduces a new category of credit reporting information, enabling hardship information to be reported alongside repayment history.

Securities / Derivatives

ASIC Urges Better Conduct from Lead Managers in Mining IPOs

By Editors | 06/12/2019

Among ASIC’s concerns is the prevalence of conflicts of interest, whereby lead managers act for both the company and investing clients while holding direct interests and board seats in the company.

Capital / Liquidity

RBNZ Final Capital Rules Require Banks to Raise NZ$20bn

By Garima Chitkara | 06/12/2019

New Zealand’s big four banks will have to increase capital to 18% of RWAs, and smaller banks to 16% of RWAs. Seven years will be given to implement the changes.

Market Infrastructure

APRA Proposes Overhaul of Bank Data Transparency Norms

By Garima Chitkara | 06/12/2019

APRA, in a letter to the industry, has proposed plans for classifying all data collected from banks for its quarterly publications to be considered non-confidential and publishable.

Enforcement

ASIC Files Criminal Charges Against Ex-APRA Manager for False Documents

By Editors | 06/12/2019

The former APRA senior manager has been criminally charged for providing false documents to the regulator while serving as CEO of a credit union.

ASIC Bans Cold Call Selling of Life Insurance, CCI Products

By Editors | 05/12/2019

The ban on unsolicited cold-call sales of direct life and consumer credit insurance follows a A$700,000 penalty against CBA’s CommInsure for hawking offences.