AUSTRALIA

AML / KYC

Australia Signals Currency Status, AML Clampdown for Bitcoin

By Samuel Riding | 21/08/2017

Cryptocurrency to be brought under AUSTRAC; proposal to follow Japan in giving bitcoin legal tender status being considered by central bank.

Capital / Liquidity

Australia Eyes Provisional Market Access for Aspiring Banks

By Samuel Riding | 16/08/2017

Restricted ADI licensees would need only $2.35mn in capital to take deposits; APRA paper does not address budget proposal to remove ‘bank’ capital requirements.

Capital / Liquidity

NZ to Embark on Bank Regulation Review Following IMF Assessment

By Garima Chitkara | 10/08/2017

IMF views the central bank less fully compliant with the Basel Core Principles and recommended a more prescriptive rule-making approach to regulation.

Securities / Derivatives

APRA CPS 226 to Include Framework for Substituted Compliance

By Garima Chitkara | 10/08/2017

Update allows for determining the status of a foreign counterparty and use its status under the margin requirements of the relevant foreign jurisdiction.

AML / KYC

CBA Responds to AUSTRAC Civil Proceedings

By Garima Chitkara | 07/08/2017

Bank claims that the missing TTRs were due to a coding error following a software update in the IDMs since November 2012 until September 2015.

AML / KYC

CBA in Alleged ‘Serious’ Breach of AML/CTF Rules

By Garima Chitkara | 03/08/2017

AUSTRAC began civil proceedings against the CBA for “serious and systemic” failure to comply with the AML and counter-terrorism financing laws.

Market Infrastructure

Australian Superannuation Body Against Co-regulation

By Garima Chitkara | 03/08/2017

ASFA has come out strongly against the Treasury consultation proposing greater involvement of the ASIC in monitoring and enforcing financial industry codes.

Enforcement

ASIC Chief Sets out Firms’ Conduct Failings

By Editors | 27/07/2017

Chairman Greg Medcraft suggests firms aren’t linking conduct to other areas of risk; message might not be getting through to […]

Capital / Liquidity

Australia Incentivises Fintech with Regulatory, Funding Initiatives

By Editors | 20/07/2017

Treasury confirms removal of $40mn capital requirement for firms to use ‘bank’ label; Sydney, Melbourne fintech hubs win state government support.