Australia

Anti-Money Laundering

Commonwealth Bank Agrees to A$700m Penalty for AML Breaches

By Manesh Samtani | 04/06/2018

AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.

Market Abuse

Citi, Deutsche, ANZ Face Criminal Cartel Charges in Australia

By Garima Chitkara | 04/06/2018

Citigroup, Deutsche Bank and ANZ are facing criminal charges in Australia after an investigation revealed cartel behaviour in the trading of ANZ stock.

Conduct, Culture & Accountability

New Zealand Publishes Revised Code of Banking Practice

By JP Reimann | 04/06/2018

New code promises fair treatment, clear communication, customer privacy, responsible lending, effective complaints handling.

Conduct, Culture & Accountability

Systemic Enquiry into Financial System Not Required – New Zealand Regulators

By Garima Chitkara | 31/05/2018

RBNZ, FMA say so far no reason to conduct systemic investigation of financial industry’s conduct and culture; banks’ efforts at improving institutional conduct and culture will continue to be monitored.

Anti-Money Laundering

Australia Consults on Cash Payment Limits

By Garima Chitkara | 28/05/2018

Government proposes limit of A$10,000 for cash payments to stamp out illegal payments and black economy; transactions exceeding limit must use electronic payments systems or cheques.

Structural Regulation

Australia Introduces Final Phase of ASIC Industry Funding Legislation

By Manesh Samtani | 28/05/2018

Final phase involves fees ASIC charges for specific activities such as licence or registration applications; industry funding model to commence 1 July 2018.

Capital Adequacy

BNZ Restates Capital Adequacy Ratios Due to Data Errors

By Garima Chitkara | 28/05/2018

BNZ reported a 34 basis point overstatement of its capital adequacy ratio in its most recent quarterly earnings due to data collection error, marginal overstatement of capital adequacy due to mistakes in collateral value calculation.

Conduct, Culture & Accountability

Australia to Adopt New Global Banking Ethics Standard

By Garima Chitkara | 28/05/2018

Financial Services Institute of Australia supporting implementation of seven key recommendations including ethical principles for professional bankers and ethics education and training programmes.

Market Abuse

New BBSW Calculation Methodology Takes Effect in Australia

By Garima Chitkara | 24/05/2018

Methodology based upon market transactions over longer rate-set window involving a larger number of participants, during most liquid period of bank bills market; manipulation punishable by civil, criminal penalties.