Australia

    Market Infrastructure

    Executive Remuneration Practices Need Improvement – APRA

    By Editors | 05/04/2018

    APRA review of executive remuneration frameworks at twelve financial institutions found remuneration structures do not encourage behaviour focused on risk management or long-term financial soundness.

    AML / KYC

    New Rules for Australian Crypto Exchanges Take Effect

    By Manesh Samtani | 05/04/2018

    Exchanges must register with AUSTRAC, adopt AML/CTF programme, verify customer identities, report suspicious transactions, maintain seven years of records.

    AML / KYC

    Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence

    By Samuel Riding | 02/04/2018

    Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts

    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.

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