Australia

AML / KYC

AUSTRAC Campaign Targets Illegal Money Transfer Dealers

By Editors | 28/08/2019

The campaign seeks to raise community awareness of the money laundering threat that unregistered money transfer dealers pose.

Fintech / Regtech

ACCC Invites Firms to Test Open Banking Data Sharing

By Editors | 27/08/2019

The ACCC is seeking participants to help it test the data-sharing ecosystem under the consumer data right, which was passed into law earlier this month.

Enforcement

ASIC Allows AFCA to Name-and-Shame Financial Firms

By Editors | 27/08/2019

ASIC says the move will enhance transparency and accountability of firms’ performance in complaints handling, and of AFCA’s own decision-making.

Australia to Introduce Best Interests Duty for Mortgage Brokers

By Editors | 27/08/2019

Under draft legislation released by the government, mortgage brokers that fail to act in the best interests of consumers will face fines of up to A$1.05mn.

Enforcement

NAB Faces Potential A$535 Penalty for Using Unlicensed Loan Referrers

By Editors | 26/08/2019

ASIC has initiated federal court proceedings in relation to misconduct by 16 NAB bankers who accepted loan information and documentation from unlicensed introducers.

ANZ New Zealand to Review Internal Financial Reporting Processes

By Editors | 23/08/2019

The FMA has determined that ANZ should have disclosed the sale of a luxury property to its ex-CEO’s wife at below-market prices as a related party transaction.

Securities / Derivatives

ASIC Proposes Ban on Binary Options, Restrictions on CFDs

By Editors | 23/08/2019

In 2018, licensed binary options and CFD issuers made about $2bn from these products, largely attributed to retail client losses, fees and costs.

ASIC to Monitor Progress to End Conflicted Remuneration

By Editors | 22/08/2019

ASIC will investigate the steps licensed entities are taking to end grandfathered conflicted remuneration for financial advisers and whether the benefits are passed on to clients.

AML / KYC

Australia Introduces Bill to Criminalise Cash Payments Over A$10,000

By Editors | 22/08/2019

Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.