Australia

AML / KYC

Tax Law Forces New Zealand Banks to Freeze Accounts

By Manesh Samtani | 04/07/2018

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.

AML / KYC

CBA Faces Investor Class Action

By Garima Chitkara | 04/07/2018

The Commonwealth Bank of Australia is being sued by a class of investors backed by large institutional investors in Australia, Europe and North America for disclosure failures that artificially inflated the bank’s share price.

Market Infrastructure

NZX Lacking in Market Surveillance Obligations – FMA

By Manesh Samtani | 02/07/2018

New Zealand FMA says information provided by NZX surveillance team was below its expectations and questions the market operator’s ability to detect misconduct; NZX to recruit additional resources to resolve the issue.

Enforcement

ASIC Signs Enhanced MoU on Cross Border Enforcement Cooperation

By Karen Chiu | 28/06/2018

Australia has become the sixth signatory to IOSCO’s enhanced framework for the cross-border cooperation and information sharing by securities regulators to combat technology-aided financial misconduct.

Enforcement

Australian Court Ratifies CBA’s BBSW Settlement

By Manesh Samtani | 25/06/2018

CBA will pay a $A5m penalty, A$15m to a financial consumer protection fund, and $A5m towards ASIC’s litigation and investigation costs; bank also agreed to enter into enforceable undertaking with ASIC.

AML / KYC

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

By Garima Chitkara | 21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

Enforcement

ASIC Releases Oversight Guidance For New Financial Complaints Body

By Garima Chitkara | 21/06/2018

Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.

Market Infrastructure

Australia Consults on Corporate Structure for Funds

By Manesh Samtani | 20/06/2018

New ‘CCIV’ structure will allow Australia asset managers to market fund products to the rest of Asia, complementing the Asia Region Funds Passport.

Enforcement

Australia Begins ‘Poor Advice’ Civil Proceedings Against Westpac

By Garima Chitkara | 18/06/2018

ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.