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Anti-Money Laundering
Australia to Crack Down on Tax Avoidance by Multinationals
By Editors | 10/02/2018
Consultations relate to implementation of multilateral which will modify existing bilateral tax treaties, closing loopholes used by multinationals to avoid taxation.
Cryptocurrency
Australia Won’t Follow US, UK Credit Card Bans for Crypto
By Manesh Samtani | 09/02/2018
ANZ, Westpac, NAB have no restrictions on buying cryptocurrency with credit cards, the banks confirmed.
Conduct, Culture & Accountability
Australia Moves to Cap Banker Pay
By Garima Chitkara | 08/02/2018
New law intended to restore trust in scandal-hit sector; executives to be held directly accountable and can be potentially banned from the industry on non-compliance.
Conduct, Culture & Accountability
ANZ, Westpac Banks Refund Credit Card Customers
By Editors | 08/02/2018
ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.
Market Abuse
CBA Becomes 7th Bank Involved in BBSW Manipulation Allegations
By Samuel Riding | 31/01/2018
Securities regulator says bank was involved in unconscionable conduct in dealing with the benchmark rate during 2012.
Market Abuse
HSBC, Australian Trader Involved in Spate of US ‘Spoofing’ Cases
By Samuel Riding | 31/01/2018
HSBC’s US securities operations agree to pay $1.8bn after CFTC allegations it was involved in ‘numerous acts of spoofing’.
Conduct, Culture & Accountability
ASIC Finds Clear Bias Towards In-house WMPs at Big Banks
By Garima Chitkara | 26/01/2018
The report says 68 percent of clients are heavily invested in banks’ in-house products; advisors may face bans if conflicts of interest are not managed better.
Fraud, Scams & Cybercrime
ASIC Seeks Stronger Powers to Combat Cybercrime
By Manesh Samtani | 23/01/2018
Parliamentary submission suggests reforms allowing ASIC to assume identities on the dark web, share phone data with foreign regulators, seize electronic devices.
Structural Regulation
Australia Licences Seven Crowd-Funding Intermediaries
By Editors | 14/01/2018
Eligible public companies can raise up to AUD 5 million in funds through equity crowdfunding and will face fewer regulatory requirements for fundraising.
Structural Regulation
Australia FinTech Body Embraces Provisional Bank Licencing
By Editors | 20/12/2017
Industry body recommends increasing the deposit limit for new banking entrants, allowing more time to meet the prudential framework.
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