Australia

Enforcement

Australia to Formalise ASIC-APRA Regulatory Cooperation

By Editors | 28/12/2019

The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.

AML / KYC

DFAT to Establish New Australian Sanctions Office from 1 Jan

By Editors | 26/12/2019

As part of the establishment, Australia’s Department of Foreign Affairs and Trade will be rolling out changes to its online sanctions permit platform in early 2020.

Capital / Liquidity

Australia Proposes Industry-Funded Compensation Scheme of Last Resort

By Editors | 25/12/2019

The scheme will ensure that consumers and small businesses receive a payout in cases where compensation has been awarded but the financial services provider is unable to pay.

Fintech / Regtech

ASIC Publishes Findings from 2019 Regtech Initiatives

By Editors | 25/12/2019

Participants said the exponential growth in data volume means the financial services industry must consider implementing regtech as an ‘imperative’ to undertake risk management and compliance functions.

Market Infrastructure

ASIC, APRA Issue Updates on Governance, Accountability

By Editors | 25/12/2019

The updates are a response to the Royal Commission, which called on both regulators to reform their internal accountability frameworks to reflect requirements prescribed by BEAR.

Enforcement

ASIC Launches Court Proceedings Against Volkswagen Financial Services

By Editors | 24/12/2019

ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.

APRA Issues 2nd Consultation Package on Superannuation Data Collection

By Editors | 24/12/2019

APRA has released two topic papers addressing the most urgent gaps in its data collection, particularly for choice products and investment options.

Market Infrastructure

Governance, Accountability in Focus in Phase Two Review of RBNZ Act

By Editors | 23/12/2019

The government will progress a number of key ‘in-principle’ decisions of the review by enacting two separate Acts to replace the Reserve Bank of New Zealand Act 1989.

AML / KYC

Westpac Faces Shareholder Class Action for Possible Disclosure Failures

By Editors | 23/12/2019

The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.