AUSTRALIA

Enforcement

Royal Commission Exposes Multiple Lending Practice Failures at Big Four

By Manesh Samtani | 29/03/2018

Public inquiry’s first round of hearings reveals multiple failures at ‘big four’ banks to lend in customers’ best interests.

Securities / Derivatives

Australia Introduces Funds Passport Legislation

By Editors | 29/03/2018

Implementation of Asia Region Funds Passport to be complemented by a new corporate structure vehicle to export to investors in Asia.

Enforcement

Australian Bank Conduct Code to be Compulsory

By Editors | 28/03/2018

Code being considered by ASIC will be binding, with self-regulatory body given power to investigate misdemeanours and issue sanctions.

Fintech / Regtech

Australia, UK to Enable Cross Market Sandbox Participation

By Manesh Samtani | 25/03/2018

Under the enhance cooperation agreement, the FCA and ASIC will speed up cross-market authorisations and testing for innovative businesses.

AML / KYC

New Zealand: $970mn Laundered Each Year

By Editors | 21/03/2018

Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.

Capital / Liquidity

APRA Approves ING Bank Internal Models for Credit, Market Risk

By Editors | 20/03/2018

ING Bank joins Australia’s ‘big five’ banks in using internal models to calculate regulatory capital requirements.

Enforcement

Cyber Threats Top ASIC Agenda

By Samuel Riding | 19/03/2018

Australian securities regulator warns on ‘malicious cybercrime’; says surveillance of OTC markets will be another 2018 priority.

Enforcement

ASIC Mandates Banks’ Further Removal of Unfair Loans Terms

By Editors | 17/03/2018

New guidance ensures bank staff are held responsible for conduct and statements outside of formal contracts; removes borrower’s liability in the event of lender misconduct.

Enforcement

Australia’s Royal Commission Hears Bribery Allegations

By Garima Chitkara | 15/03/2018

NAB staff allegedly falsified documents to achieve home loan targets, branch managers colluded with loan introducers to manipulate incentive schemes.