Australia

Conduct, Culture & Accountability

Finance, Banking Professionals Considered Most Unethical In Australia

By Garima Chitkara | 22/08/2018

The Governance Institute of Australia’s 2018 Ethics Index revealed that public trust in banking and financial services is at a new low.

Capital Adequacy

Australia Considering Changes to Bank Capital Framework

By Garima Chitkara | 16/08/2018

APRA is seeking industry feedback on potential new approaches to the capital framework for banks to make them more internationally comparable and flexible.

Conduct, Culture & Accountability

New Zealand FMA Work Plan to Focus on Conduct, Culture

By Garima Chitkara | 16/08/2018

New Zealand’s Financial Markets Authority expects firms to put customer interests first; work plan to focus on conduct, culture, governance.

Fraud, Scams & Cybercrime

ASIC Asks Banks to Take Steps to Mitigate Financial Adviser Fraud

By Garima Chitkara | 16/08/2018

ASIC has asked 5 banks to put in place measures to monitor, review and better explain to customers the potential risks of providing account access to third parties like financial advisers.

Supervision & Enforcement

Royal Commission Hears Full Extent of NAB ‘Fees-for-no-service’ Failings

By Manesh Samtani | 15/08/2018

NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.

Tokenisation

Commonwealth Bank to Arrange First Blockchain Bond

By Garima Chitkara | 14/08/2018

Developed by the World Bank, a A$100 million kangaroo bond, issued and distributed through blockchain, will open to investors later this month in Washington and Sydney.

Supervision & Enforcement

ASIC Gets A$70mn, New Powers to Boost Enforcement Capabilities

By Garima Chitkara | 13/08/2018

Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.

Anti-Money Laundering

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

By Manesh Samtani | 13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

Conduct, Culture & Accountability

Fees-for-no-service Remediation to Top A$850mn – ASIC

By Manesh Samtani | 09/08/2018

CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.