Australia

Climate Risk

ASIC Updates Guidance on Climate Risk Disclosures

By Editors | 13/08/2019

The new guidance describes climate change as a “systemic risk that could have a material impact on the future financial position, performance or prospects of entities”.

Fraud, Scams & Cybercrime

Australia Records Decline in Payment Fraud Rates

By Editors | 09/08/2019

AusPayNet’s latest data shows a decline in the overall rate of card fraud for 2018, alongside slower growth in online fraud.

Operational Risk

APRA Fines Westpac A$1.5mn for Late EFS Reporting

By Editors | 09/08/2019

Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.

Conduct, Culture & Accountability

ASIC Proposes Regulatory Guide on Whistleblower Policies

By Editors | 08/08/2019

Companies have to implement a whistleblower policy by January 2020. ASIC’s guidance explains how they should be established, implemented and maintained.

Clearing & Post-Trade

ASX Finalises Updated Guidance for Clearing, Settlement Participants

By Editors | 08/08/2019

ASX has finalised its updated guidance for clearing and settlement participants on their business continuity, disaster recovery and cyber resilience arrangements.

Conduct, Culture & Accountability

Westpac NZ Refunds 93,000 Customers for Incorrectly Charged Fees

By Editors | 07/08/2019

Westpac self-reported the incorrectly charged fees in December 2017, and has already completed a significant part of the work to reach and refund impacted customers.

Structural Regulation

RBNZ Consults on New Regulatory Regime for FMIs

By Editors | 07/08/2019

The RBNZ is consulting on a draft bill that sets out New Zealand’s new regulatory regime for financial market infrastructures.

Conduct, Culture & Accountability

ASIC Event Features Regtech Use for Monitoring Financial Promotions

By Manesh Samtani | 06/08/2019

ASIC’s ‘Regtech Monitoring Financial Promotions’ symposium was the first in what will be a series of sessions aimed at working with the industry to solve compliance challenges with technology.

Conduct, Culture & Accountability

Australia: NAB, EY Under Fire Following Whistleblower Leak

By Editors | 05/08/2019

A whistleblower has leaked internal NAB documents to highlight the bank’s lax approach to risk management, customer remediation, and conflicts of interest with its auditor.