Australia

    AML / KYC

    Australia Makes Cryptocurrencies ‘Equivalent to Cash’ for AML/CTF Purposes

    By Editors | 11/12/2017

    **Australia joins Japan in recognising cryptocurrencies as a store of value, international transactions of $7,500 or more must be reported.
    **

    Capital / Liquidity

    Australia to Kick off Long-awaited Royal Commission into Financial Sector

    By Editors | 04/12/2017

    Inquiry to look into alleged misconduct in financial sector welcomed by banks, securities regulator, but not superannuation scheme operators.

    Enforcement

    Australian Securities Regulator Fines VW Financing Arm

    By Editors | 30/11/2017

    Move hints at increasing global concern that car finance, fuelled by low interest rates, could be source of next sub-prime crisis.

    AML / KYC

    AUSTRAC Hails Tabcorp Fine for AML/CTF Breaches

    By Garima Chitkara | 16/11/2017

    Casino and gaming operator fined more than $34mn for a series of AML/CTF failures; AUSTRAC stresses management responsibility.

    Enforcement

    Australian Banks’ Rate Rigging Settlement Confirmed

    By Editors | 13/11/2017

    ANZ and NAB will pay a total of $76mn for attempting to manipulate Bank Bill Swap Rate; Westpac Banking still fighting claims.

    Capital / Liquidity

    Australia to Loosen Fundraising Rules for Mutuals in Bid to Boost Competition

    By Editors | 09/11/2017

    Credit unions, building societies will be able to raise funds without having to forego their status as customer-owned entities.

    AML / KYC

    ASIC to Seek 10-year Sentences for Corporate Criminals

    By Editors | 25/10/2017

    Securities regulator says current maximum punishments are not sufficient as they don’t wipe out gains made from illicit activity.

    Enforcement

    New Zealand Exempts Personalised Robo-advice from Licensing Regime

    By Editors | 19/10/2017

    Providers still need to be pre-approved to offer financial advice; new rules formalising licensing of robo-advice per se expected in 2019.

    AML / KYC

    Australian Banks Want Fintechs to Pay for ‘Open Banking’

    By Samuel Riding | 11/10/2017

    Biggest lenders continue to frustrate efforts by authorities to increase competition and throw open door to banking disruptors.

    Fintech / Regtech

    Regulators Must Collectively Embrace 4th Industrial Revolution – ASIC

    By Editors | 25/09/2017

    Chairman Greg Medcraft expresses concern about regulatory fragmentation with increased use of technology, emergence of ICOs.

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