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Crypto / Digital Assets
ASIC Takes Legal Action Against Unregistered SMSF Scheme Operators
By Editors | 05/12/2019
Investors were encouraged to roll superannuation monies into a self-managed super fund to invest – by way of a loan – in an unregistered scheme operated a former AMP adviser.
Superannuation Advice to Members ‘Generally Appropriate’: ASIC
By Garima Chitkara | 04/12/2019
ASIC’s survey of 25 superannuation funds found that close to half of them followed best interest duty rules in the provision of financial advice to members.
AML / KYC
New Zealand Police Releases AML/CTF Assessment
By Editors | 04/12/2019
NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime
AML / KYC
Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements
By Editors | 04/12/2019
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
APRA Releases Practice Guide for Super Performance Reviews
By Editors | 03/12/2019
The business performance review requirement requires an RSE licensee to undertake a holistic assessment of its performance across its business operations, services and product offerings.
Enforcement
ASIC Reports Widespread Fee Disclosure Failures at AFS Licensees
By Editors | 03/12/2019
ASIC’s review found widespread non-compliance with fee disclosure obligations across a sample of AFS licensees and their representatives, suggesting an industry-wide problem.
ASIC, APRA Ink Updated MoU to Enhance Collaboration
By Editors | 02/12/2019
The updated MoU was a royal commission recommendation to enable more proactive engagement between the two regulators.
Enforcement
CBA’s CommInsure Penalised A$700,000 for Hawking Offences
By Editors | 29/11/2019
The penalty follows last week’s guilty plea from CommInsure for conducting insurance sales by phone, where the customers had not requested to be contacted.
Capital / Liquidity
RBNZ to Adopt More Intensive Supervisory Approach to Banking
By Editors | 28/11/2019
The RBNZ’s financial stability report says it will bolster bank resilience with higher capital requirements and a “more intensive supervisory approach“.
AML / KYC
ANZ Offers Assurances as Industry Faces AML Scrutiny
By Editors | 28/11/2019
As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.
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