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Enforcement
ASIC Commences Civil Penalty Proceedings Against FX Firm
By Sanday Chongo Kabange | 22/07/2020
Forex Capital Trading and its sole director allegedly used high pressure sales tactics, false or misleading statements, and conflicted remuneration to maximise trading volume and client deposits.
Market Infrastructure
Australia Extends Coronavirus SME Guarantee Scheme
By Editors | 20/07/2020
With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.
Enforcement
ASIC Charges Former MP with Fraud, Director Breaches
By Editors | 20/07/2020
Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.
AML / KYC
Westpac Unveils Change Programme to Fix Risk Culture
By Editors | 19/07/2020
Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.
Market Infrastructure
Australia Mulls Measures to Establish Regional Financial Hub
By Editors | 16/07/2020
Australian Senator Andrew Bragg wrote to Treasurer Josh Frydenberg suggesting reforms to capitalise on Hong Kong’s recent political changes.
Sri Lanka Relaxes Rules for Capital Inflows, Restricts Outflows
By Duruthu E Chandrasekera | 16/07/2020
Sri Lanka has increased the amount of foreign currency that can be physically brought into the country to be deposited into a ‘Special Deposit Account’.
AML / KYC
APAC Regulators Driving Digital Transformation
By Rachel Woolley | 16/07/2020
The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.
Enforcement
ASIC’s Loss to Westpac is Terrible for Everyone
By Andy Schmulow | 11/07/2020
Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.
Enforcement
ASIC Consults on Second Use of Product Intervention Power
By Editors | 10/07/2020
ASIC names BHF Solutions and its associate, Cigno, as two companies that enter into high-cost continuing credit contracts with retail customers without a credit licence.
Capital / Liquidity
APRA Outlines Expectations on Deferred Loan Management
By Editors | 09/07/2020
Deputy Chair John Lonsdale expects many banks will require an uplift in capabilities, processes and oversight to meet APRA’s expectations.
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