Australia

Structural Regulation

APRA Completes Superannuation Data Transformation Phase One

By Editors | 25/03/2021

Most of the new data will be submitted from September 2021, however trustees will be allowed to defer submission of some less critical data for one year.

Liquidity Risk

RBNZ Orders Westpac NZ to Address Risk Governance Issues

By Ranamita Chakraborty | 24/03/2021

Westpac’s New Zealand unit breached the RBNZ’s liquidity policy by incorrectly calculating mismatch ratios.

Structural Regulation

ASIC to Adopt ‘No-Action’ Position to Facilitate Virtual AGMs

By Editors | 24/03/2021

ASIC supports the holding of meetings using appropriate technology and the electronic dispatch of notices of meetings including supplementary notices.

Operational Risk

APRA Warns ADIs of Risks from Indemnities in Divestment Transactions

By Ranamita Chakraborty | 24/03/2021

Indemnities provided to acquiring entities as part of divestment transactions should be capped and time bound. Operational risk capital should be held to reflect the level of risk.

KYC & CDD

Australian Treasury Consults on New Director ID Regime

By Ranamita Chakraborty | 23/03/2021

The director ID regime will help to promote good corporate conduct, deter illegal phoenix activities, and facilitate traceability of directors over time.

Market Abuse

CBA, ANZ to Settle 2016 Lawsuit Involving BBSW Manipulation

By Editors | 23/03/2021

The case was initially launched by two US hedge funds and a US-based derivatives trader, alleging they suffered losses due to bank manipulation of the BBSW.

Anti-Money Laundering

AUSTRAC Questioned on Handling of Drug Money Case

By Editors | 21/03/2021

AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.

Credit Risk

RBA Makes Plea for Banks to Ease Approach to SME Lending

By Sanday Chongo Kabange | 21/03/2021

The RBA’s Christopher Kent says banks have tightened lending standards for SMEs, charging them more and imposing more restrictive terms on their loans.

Conduct, Culture & Accountability

ASIC Bans Director, Account Managers at FX Broker

By Editors | 21/03/2021

Clients were pressured to deposit funds into their trading accounts, engage in high-risk trading, and delay or cancel withdrawal requests.