Australia

Cryptocurrency

Australia Signals Currency Status, AML Clampdown for Bitcoin

By Samuel Riding | 21/08/2017

Cryptocurrency to be brought under AUSTRAC; proposal to follow Japan in giving bitcoin legal tender status being considered by central bank.

Capital Adequacy

Australia Eyes Provisional Market Access for Aspiring Banks

By Samuel Riding | 16/08/2017

Restricted ADI licensees would need only $2.35mn in capital to take deposits; APRA paper does not address budget proposal to remove ‘bank’ capital requirements.

Capital Adequacy

NZ to Embark on Bank Regulation Review Following IMF Assessment

By Garima Chitkara | 10/08/2017

IMF views the central bank less fully compliant with the Basel Core Principles and recommended a more prescriptive rule-making approach to regulation.

Operational Risk

APRA CPS 226 to Include Framework for Substituted Compliance

By Garima Chitkara | 10/08/2017

Update allows for determining the status of a foreign counterparty and use its status under the margin requirements of the relevant foreign jurisdiction.

Anti-Money Laundering

CBA Responds to AUSTRAC Civil Proceedings

By Garima Chitkara | 07/08/2017

Bank claims that the missing TTRs were due to a coding error following a software update in the IDMs since November 2012 until September 2015.

Anti-Money Laundering

CBA in Alleged ‘Serious’ Breach of AML/CTF Rules

By Garima Chitkara | 03/08/2017

AUSTRAC began civil proceedings against the CBA for “serious and systemic” failure to comply with the AML and counter-terrorism financing laws.

Structural Regulation

Australian Superannuation Body Against Co-regulation

By Garima Chitkara | 03/08/2017

ASFA has come out strongly against the Treasury consultation proposing greater involvement of the ASIC in monitoring and enforcing financial industry codes.

Conduct, Culture & Accountability

ASIC Chief Sets out Firms’ Conduct Failings

By Editors | 27/07/2017

Chairman Greg Medcraft suggests firms aren’t linking conduct to other areas of risk; message might not be getting through to […]

Structural Regulation

Australia Incentivises Fintech with Regulatory, Funding Initiatives

By Editors | 20/07/2017

Treasury confirms removal of $40mn capital requirement for firms to use ‘bank’ label; Sydney, Melbourne fintech hubs win state government support.