Australia

AML / KYC

FMA Sues CLSA New Zealand for AML Breaches

By Editors | 24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

Securities / Derivatives

ASX Calls for Reforms Around Class Actions, Litigation Funding

By Editors | 22/06/2020

The benefit of securities class actions may disproportionately benefit litigation funders rather than plaintiffs in those proceedings, with the costs falling on the shareholders, ASX says.

Enforcement

Australia: Banks Work Towards Swift Resolution of Advice Failures

By Editors | 22/06/2020

Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.

Enforcement

ATO Warns of Penalties for Wrongful Early Super Withdrawal

By Editors | 21/06/2020

The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.

Market Infrastructure

Australia Allows Advisers More Time to Meet Exam Requirement

By Editors | 18/06/2020

Advisers would have had until the end of this year to complete the new Financial Adviser Standards and Ethics Authority exam. A newly-passed bill allows an extra year to do so.

Enforcement

ASIC Guidance Sets Out Scope of Product Intervention Powers

By Editors | 18/06/2020

The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.

AML / KYC

AUSTRAC Given Two Month Deadline for New Westpac Claims

By Editors | 17/06/2020

Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

ACCC Highlights Improved Price Transparency on FX Conversions

By Editors | 17/06/2020

An ACCC review last year found that a lack of pricing transparency forced consumers to rely on the more expensive big four banks for FX conversion and international money transfers.

Market Infrastructure

FMA Sets Out Full Licence Conditions for NZ Financial Advisers

By Editors | 17/06/2020

In a consultation paper, the FMA specifies three distinct classes of financial advice provider licences, to allow applicants to apply for the licence that best suits their circumstances and business structures.