Australia

AML / KYC

AUSTRAC Annual Report Highlights Increased Suspicious Matter Reporting

By Manesh Samtani | 25/10/2018

A 70% increase in suspicious matter reporting over the previous year was partly attributed to the strong message sent by AUSTRAC’s A$700mn enforcement action against CBA.

Market Infrastructure

Market Needs to Do More to Prepare for End of LIBOR – ASIC, RBA

By Garima Chitkara | 24/10/2018

Participants need to be clear that the LIBOR will end after 2021 and prepare to deal with the challenges this presents, Australian regulators said at the ISDA Annual Australia Conference.

Enforcement

ASIC Will Use Every Power Available to Punish Dishonest Behaviour – Shipton

By Manesh Samtani | 19/10/2018

The Royal Commission has reinforced that the financial industry has abandoned its core role of being custodians of other peoples’ money, said ASIC chair James Shipton.

Securities / Derivatives

Chi-X Australia, Deutsche Announce New TraCR Issuances

By Editors | 19/10/2018

Microsoft, JP Morgan, Disney and Facebook will join Apple in becoming Transferable Custody Receipts listed on Chi-X Australia, with more issuances to follow.

Fintech / Regtech

New Sandbox Allows Testing of Australia’s NPP via APIs

By Editors | 18/10/2018

SWIFT and NPP Australia have launched a new secure testing environment allowing fintechs to test the capabilities of Australia’s new payments system via APIs.

Market Infrastructure

APRA Clarifies Accountability Expectations under BEAR in New Paper

By Editors | 18/10/2018

The information paper is aimed at assisting financial institutions to prepare for BEAR implementation, and helping the largest of them refine and embed the regime.

Market Infrastructure

Australian Bank Body Seeks an End to Fees For No Service

By Garima Chitkara | 11/10/2018

The Australian Banking Association will change its voluntary code of practice for bankers to end ‘fees for no service’, grandfathered payments and trail commissions.

Enforcement

ASIC Permanently Bans Another Former NAB Branch Manager

By Editors | 09/10/2018

The branch manager knowingly provided false or misleading information and documentation in loan applications and falsely attributed them to a relative for introducer commissions.

Market Infrastructure

Strategy, Management, Governance: Lessons from the Hayne Interim Report

By Matthew Chan | 08/10/2018

Institutions, regulators and policymakers across Asia Pacific should take heed of the lessons of Australia’s Royal Commission if they are to avoid similar problems, says Matthew Chan.