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Conduct, Culture & Accountability
UPDATED – ASIC Commences Legal Proceedings For False Advertising
By Editors | 09/04/2020
ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.
Anti-Money Laundering
HSBC Reports Possible AML Breaches at Australian Subsidiary
By Editors | 08/04/2020
Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.
Fraud, Scams & Cybercrime
Australia: 10yr Jail Term Imposed for Superannuation Misappropriation
By Editors | 08/04/2020
The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.
Structural Regulation
APRA Suspends Issuance of New Licenses
By Editors | 08/04/2020
Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.
Operational Risk
ASIC, APRA Offer Best Practice Recommendations on LIBOR Transition
By Editors | 08/04/2020
ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.
Capital Adequacy
APRA Asks ADIs, Insurers to Suspend Dividends, Cash Bonuses
By Editors | 07/04/2020
Where Boards are confident they can approve a dividend on the basis of robust stress testing results that have been discussed with APRA, it should be at a “materially reduced level”.
Anti-Money Laundering
Tiger Brokers NZ, Six Others Get Formal Warning for AML Failures
By Editors | 06/04/2020
A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.
Capital Adequacy
New Zealand Banks Agreed to Suspend Dividends: RBNZ
By Editors | 03/04/2020
Banks have also agreed to not redeem non-CET1 capital instruments, while the RBNZ works to launch a new 3-year funding scheme by May.
Operational Risk
APRA, RBA Announce Changes to Financial Firms’ Reporting Obligations
By Editors | 02/04/2020
The agencies are standardising quarterly reporting due dates, deferring two reporting initiatives, and introducing a new reporting standard for SME lending.
Credit Risk
NZ Banks Get Government Guarantee on New Loans
By Editors | 02/04/2020
Business loans under a new NZ$6.25bn scheme will be supported by a government guarantee on 80% of the loan amount.
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