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Australia Announces A$17.6b Economic Stimulus Package
By Editors | 13/03/2020
Treasurer Josh Frydenberg held talks with banks ahead of the announcement urging them to do their part to help businesses make the most of the new measures.
Market Infrastructure
APRA’s New Data Collection Solution to Go Live in Six Months
By Editors | 12/03/2020
The revised timeline follows APRA’s decision in October to explore alternative implementation approaches for the new solution, which will be known as ‘APRA Connect’.
AML / KYC
Australia: Senate Committee Backs Passage of AML Amendments
By Editors | 12/03/2020
The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.
Market Infrastructure
ASIC Finalises New Licensing Framework for Foreign Firms
By Editors | 11/03/2020
The framework introduces a new ‘foreign AFS’ licensing regime, and licensing relief for foreign fund managers seeking to induce investment from certain professional investors such as super funds.
Australia: ‘Perfect Storm’ of Regulatory Change Squeezing Smaller Banks
By Editors | 09/03/2020
The Customer Owned Banking Association is calling for the government to reassess the approaching wave of banking regulation, as record low interest rates squeeze margins.
RBNZ, NZBA Say Banks ‘Ready to Respond’ to Covid-19 Impacts
By Editors | 09/03/2020
The RBNZ has inquired into the risk management approaches and preparedness for COVID-19 at banks, and the responses show they are prepared, according to governor Adrian Orr.
AML / KYC
New Zealand Takes First Criminal Action Under AML/CFT Act
By Editors | 05/03/2020
A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.
Market Infrastructure
Australia: FAR Extension Out of Step with Royal Commission Proposals
By Editors | 05/03/2020
The proposed extension of the Financial Accountability Regime to ASIC-regulated firms could potentially affect 53,000 small businesses, says former ASIC official Pamela Hanrahan.
Market Infrastructure
Central Banks Act to Mitigate Covid-19 Economic Threat
By Editors | 04/03/2020
The HKMA has responded to the US rate cut with a cut of its own. The RBA and BNM have also cut their key policy rates, while the BOJ focuses on asset purchases.
AML / KYC
Australia: Pre-insolvency Adviser Gets 5 Years Jail for Money Laundering
By Editors | 02/03/2020
The adviser helped a former company director illegally remove company assets to prevent creditors from accessing them post-winding up.
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