Australia

Anti-Money Laundering

AUSTRAC Fines State Street Over IFTI Reporting Breaches

By Editors | 16/09/2020

State Street Bank and Trust failed to report IFTIs on 99 occasions. There is no suggestion that the transactions were suspicious or that there were CDD deficiencies.

Clearing & Post-Trade

BNP, Digital Asset to Develop DLT Connectivity to ASX, HKEX

By Editors | 15/09/2020

BNP Paribas Securities Services and Digital Asset have joined forces to design real-time trade and settlement apps using DAML smart contracts.

Reporting & Disclosures

New Zealand to Introduce Mandatory Climate Risk Reporting

By Manesh Samtani | 15/09/2020

If approved by Parliament, the new comply-or-explain climate risk disclosure regime could come into effect in 2023 at the earliest.

Structural Regulation

APRA, ACCC Update MoU on Financial Sector Cooperation

By Sanday Chongo Kabange | 15/09/2020

APRA and the ACCC agree to a proactive approach to engagement, which includes regular, senior-level liaison meetings and a greater emphasis on information sharing and collaboration.

Supervision & Enforcement

ASIC Power to Obtain Documents Upheld in Federal Court

By Editors | 14/09/2020

Two separate rulings against Maxi EFX and IOOF-owned RI Advice clarify obligations for those who receive ASIC notices requiring them to produce documents.

Fraud, Scams & Cybercrime

Federal Court Imposes A$57.5m Penalty Against NAB Units

By Editors | 13/09/2020

NULIS Nominees and MLC Nominees admitted to misleading or deceptive conduct, false or misleading representations, and breaches of the ASIC Act and Corporations Act.

Structural Regulation

ASIC Defers New Fee Disclosure Obligations Two Years to 2022

By Sanday Chongo Kabange | 10/09/2020

Superannuation funds and managed investment scheme issuers will now have until September 2022 to comply with fee and cost disclosure requirements.

Credit Risk

APRA Formalises Updated Guidance on Treatment of Deferred Loans

By Editors | 09/09/2020

Banks need not treat deferred loans as past due or impaired for capital or reporting purposes until after 31 March. New reporting requirements now apply.

Liquidity Risk

APRA to Amend Liquidity Rules for Banks – Report

By Editors | 08/09/2020

The changes will require banks to decrease their holdings of private sector liquid assets in favour of buying more government debt.