Australia

Conduct, Culture & Accountability

Australia Royal Commission Finds AMP Repeatedly Deceived Regulator

By Manesh Samtani | 19/04/2018

Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.

Emerging Prudential Risks

APRA’s Economic and Financial Statistics Reform: A User’s Guide to Readiness

By Douglas Cheung | 19/04/2018

APRA may have delayed planned reforms to the Economic and Financial Statistics reported by banks, but banks can’t afford to be complacent, says Douglas Cheung, examining how banks should best prepare for the reforms.

Emerging Prudential Risks

Financial System Resilient but Concerns Remain – RBA

By JP Reimann | 17/04/2018

Australia’s Financial Stability Review says risks easing, financial system resilient; but dangers remain on household debt, weak risk control and poor culture at banks.

Structural Regulation

Australia to Review Lack of Competition in Banking Sector

By Editors | 16/04/2018

The ACCC will examine a potential oligopolistic structure in Australia’s banking sector and review competitive practices that have allegedly led to higher barriers to entry for newcomers.

Supervision & Enforcement

CBA, ANZ to Pay Compensation for Missing Financial Advice Records

By Editors | 16/04/2018

CBA and ANZ to pay $69mn and $36.4mn compensation, respectively, for failing to provide documentation of annual customer reviews.

Structural Regulation

ASIC Updates Client Money Guidance as New Restrictions Take Effect

By Editors | 06/04/2018

Licensees may not use OTC derivative client money for own obligations, working capital; new reporting requirements to increase transparency on client money use.

Conduct, Culture & Accountability

Executive Remuneration Practices Need Improvement – APRA

By Editors | 05/04/2018

APRA review of executive remuneration frameworks at twelve financial institutions found remuneration structures do not encourage behaviour focused on risk management or long-term financial soundness.

Anti-Money Laundering

New Rules for Australian Crypto Exchanges Take Effect

By Manesh Samtani | 05/04/2018

Exchanges must register with AUSTRAC, adopt AML/CTF programme, verify customer identities, report suspicious transactions, maintain seven years of records.

Anti-Money Laundering

Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence

By Samuel Riding | 02/04/2018

Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts