Australia

AML / KYC

Westpac Removes EY as Auditor for Upcoming Risk Review – Report

By Editors | 20/05/2020

EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

Capital / Liquidity

APRA Grants Internal Modelling Banks Relief on Market Risk Capital

By Editors | 19/05/2020

APRA will allow internal modelling banks to disregard back-testing exceptions that occurred in March and April when determining capital requirements for market risk.

RBNZ Registers ICBC to Provide Banking Services in New Zealand

By Editors | 18/05/2020

The RBNZ expects ICBC to conduct business in New Zealand through both a new branch and a subsidiary it has had registered since November 2013.

FMA Approves Over Half of NZ Advisers Under New Regime

By Editors | 18/05/2020

The new financial advice regime is not expected to start until after March 2021, but the FMA has already approved transitional licence applications accounting for more than half of NZ’s financial advisers.

Australian Makes Tax Relief for Merging Super Funds Permanent

By Editors | 16/05/2020

Financial Services Council chief Sally Loane welcomed the move, but expressed disappointment with changes that may create another tax compliance burden for managed funds.

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

By Editors | 16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.

Securities / Derivatives

ASIC Withdraws Trading Limits Imposed on Equity Market Participants

By Editors | 14/05/2020

Trading restrictions imposed in March due to an abnormally large increase in trades executed have been revoked following processing enhancements by market operators.

Securities / Derivatives

New Zealand to Nearly Double FMA Funding Over Three Years

By Editors | 14/05/2020

The FMA’s funding is being increased over three years to minimise the burden on the financial sector entities who pay levies, where most of the new funding will come from.

Enforcement

ASIC Secures Remediation for Junk Insurance Sales by Banks

By Editors | 14/05/2020

ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.