Australia

AML / KYC

AUSTRAC Ups Ante in Westpac Money Laundering Case

By Editors | 14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.

Market Infrastructure

New Zealand’s New Conduct Regime Not Adequately Developed

By Editors | 13/06/2020

The bill to introduce a new conduct regime in New Zealand is not yet adequately developed, say Consumer New Zealand, the NZBA, and the Financial Services Council.

Market Infrastructure

NAB to Lift Industry Standards with Bank-Wide Education Programme

By Editors | 12/06/2020

The programme, to be launched in partnership with FINSIA, will be rolled out for all of NAB’s Australia and New Zealand bankers and support staff.

Australia: Banks Fail to Pass Rate Cuts to Credit Card Customers

By Editors | 10/06/2020

The credit cards with the largest rate increases are those backed by Citigroup, Members Equity Bank, Police Credit Union, and ANZ, according to consumer advocacy group CHOICE.

Enforcement

CBA Ordered to Pay A$5m Over Agricultural Lending Products

By Editors | 08/06/2020

CBA’s failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.

Market Infrastructure

Australia Considers Consolidation of Payment Infrastructures

By Editors | 08/06/2020

An industry committee has been set up to explore the benefits of a consolidating the NPP, BPAY and eftpos – […]

Enforcement

New Zealand FMA Files High Court Proceedings Against ANZ

By Editors | 07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Market Infrastructure

Australia to Further Tighten Foreign Investment Approval Process

By Manesh Samtani | 07/06/2020

Under the new regime, a new “last resort power” will allow the Treasurer to force divestment on national security grounds even after approval is granted.

AML / KYC

Westpac Concludes Internal Probe into AML/CTF Failures

By Manesh Samtani | 04/06/2020

Westpac said its IFTI non-reporting was due to a mix of technology and human errors dating back to 2009. Governance failures and unclear compliance accountabilities were also identified.