Australia

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

Conduct, Culture & Accountability

Royal Commission Exposes Multiple Lending Practice Failures at Big Four

By Manesh Samtani | 29/03/2018

Public inquiry’s first round of hearings reveals multiple failures at ‘big four’ banks to lend in customers’ best interests.

Structural Regulation

Australia Introduces Funds Passport Legislation

By Editors | 29/03/2018

Implementation of Asia Region Funds Passport to be complemented by a new corporate structure vehicle to export to investors in Asia.

Conduct, Culture & Accountability

Australian Bank Conduct Code to be Compulsory

By Editors | 28/03/2018

Code being considered by ASIC will be binding, with self-regulatory body given power to investigate misdemeanours and issue sanctions.

Cloud & Infrastructure

Australia, UK to Enable Cross Market Sandbox Participation

By Manesh Samtani | 25/03/2018

Under the enhance cooperation agreement, the FCA and ASIC will speed up cross-market authorisations and testing for innovative businesses.

Anti-Money Laundering

New Zealand: $970mn Laundered Each Year

By Editors | 21/03/2018

Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.

Model Risk

APRA Approves ING Bank Internal Models for Credit, Market Risk

By Editors | 20/03/2018

ING Bank joins Australia’s ‘big five’ banks in using internal models to calculate regulatory capital requirements.

Cybersecurity

Cyber Threats Top ASIC Agenda

By Samuel Riding | 19/03/2018

Australian securities regulator warns on ‘malicious cybercrime’; says surveillance of OTC markets will be another 2018 priority.

Conduct, Culture & Accountability

ASIC Mandates Banks’ Further Removal of Unfair Loans Terms

By Editors | 17/03/2018

New guidance ensures bank staff are held responsible for conduct and statements outside of formal contracts; removes borrower’s liability in the event of lender misconduct.