AUSTRALIA

Market Infrastructure

CHESS Replacement Project Creates Unfair Advantage: Chi-X Australia

By Editors | 05/11/2019

Chi-X Australia depends entirely on ASX for clearing services, and is concerned that the larger bourse could use the CHESS replacement project to gain further competitive advantages.

Enforcement

ASIC Initiates Civil Penalty Proceedings Against Former ANZ Business

By Editors | 04/11/2019

ASIC says that RI Advice Group, acquired by IOOF from ANZ last year, failed to take reasonable steps to ensure that one of its advisers, John Doyle, provided appropriate advice and acted in clients’ best interests.

Enforcement

Annual Report Shows FMA Exceeded Litigation Budget by 50pc

By Editors | 03/11/2019

The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.

Enforcement

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

By Editors | 31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.

AML / KYC

AUSTRAC: Mutual Banks Face High Money Laundering Risk

By Editors | 31/10/2019

Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.

ASIC Extends Deadline for Super Fund Portfolio Disclosures

By Editors | 30/10/2019

The first reporting day for portfolio holdings disclosure was set for 31 December this year, but the regulations which set out how this disclosure is to be organised have not yet been made.

Fintech / Regtech

NPP Australia Unveils Roadmap for New Payments Capabilities

By Editors | 30/10/2019

The roadmap includes the development of new structured data capabilities, third party payment initiation, and the ability to link regular payments to a mobile number.

Market Infrastructure

APRA to Delay Launch of New Data Collection Solution

By Editors | 29/10/2019

APRA is reviewing its implementation approach due to the complexity and significant burden of migrating all existing collections to the new solution.

Enforcement

ASIC Wins Appeal in Westpac Super Switching Case

By Editors | 29/10/2019

The ruling could limit the ability of financial services firms to market and cross-sell investment products using the ‘general advice’ allowance under the law.