Australia

Anti-Money Laundering

Australia Has an IFTI Problem

By Eric Knight | 08/11/2019

Australia’s approach to international payments needs to change, and reporting entities need to update their legacy systems for better reporting, say Eric Knight and Nick Armstrong.

Fraud, Scams & Cybercrime

Fintel Alliance Is Critical to Financial Crime Fight: AUSTRAC

By Editors | 07/11/2019

The Fintel Alliance reveals its operational results in its annual report. A second report sets out financial indicators to help FIs detect and report child sexual exploitation.

Climate Risk

New Zealand Consults on Mandatory Climate Risk Reporting

By Editors | 06/11/2019

The discussion document sets out a proposed mandatory regime which seeks to ensure that material risks and opportunities are routinely considered in business and investment decisions.

Clearing & Post-Trade

CHESS Replacement Project Creates Unfair Advantage: Chi-X Australia

By Editors | 05/11/2019

Chi-X Australia depends entirely on ASX for clearing services, and is concerned that the larger bourse could use the CHESS replacement project to gain further competitive advantages.

Conduct, Culture & Accountability

ASIC Initiates Civil Penalty Proceedings Against Former ANZ Business

By Editors | 04/11/2019

ASIC says that RI Advice Group, acquired by IOOF from ANZ last year, failed to take reasonable steps to ensure that one of its advisers, John Doyle, provided appropriate advice and acted in clients’ best interests.

Conduct, Culture & Accountability

Annual Report Shows FMA Exceeded Litigation Budget by 50pc

By Editors | 03/11/2019

The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.

Fraud, Scams & Cybercrime

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

By Editors | 31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.

Anti-Money Laundering

AUSTRAC: Mutual Banks Face High Money Laundering Risk

By Editors | 31/10/2019

Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.

Trading & Investment

ASIC Extends Deadline for Super Fund Portfolio Disclosures

By Editors | 30/10/2019

The first reporting day for portfolio holdings disclosure was set for 31 December this year, but the regulations which set out how this disclosure is to be organised have not yet been made.