AUSTRALIA

Enforcement

Australia Court Orders Kraken to Pay A$8m for DDO Breaches

By Sanday Chongo Kabange | 13/12/2024

ASIC believes many crypto products are subject to the same design and distribution requirements that resulted in Kraken’s penalty.

AML / KYC

AUSTRAC Launches Consultation on New AML/CTF Rules Framework

By Manesh Samtani | 12/12/2024

This consultation covers several areas including AML/CTF programmes, risk assessments, customer due diligence and travel rule information requirements.

Fintech / Regtech

New Zealand FMA to Launch Regulatory Sandbox Pilot in 2025

By Editors | 12/12/2024

The FMA is inviting expressions of interest from firms interested in joining the sandbox pilot, which will run from January to July 2025.

AML / KYC

AUSTRAC Gifts TAIPAN Technology System to PNG’s FIU

By Thisanka Siripala | 12/12/2024

AUSTRAC has now delivered TAIPAN to ten FIUs across the Pacific, enabling them to identify suspicious financial patterns indicative of illicit activity.

RBNZ Calls on Banks to Enhance Financial Inclusion Initiatives

By Sanday Chongo Kabange | 11/12/2024

The RBNZ identified good practices for deposit takers to consider embedding in their current practices to support financial inclusion.

ESG / Sustainability

APRA Publishes Details on Insurance Climate Vulnerability Assessment

By Thisanka Siripala | 11/12/2024

APRA said the insurance CVA will model insurance affordability at Australia’s five largest general insurers based on three climate scenarios.

Capital / Liquidity

RBNZ Publishes Results of ‘Digital Cash’ Consultation

By Sanday Chongo Kabange | 11/12/2024

If ‘digital cash’ is introduced, the earliest it would be is 2030. The RBNZ confirmed that issuing physical cash would remain a priority.

Capital / Liquidity

New Zealand to Raise Kiwibank’s Capital to Enhance its Competitiveness

By Editors | 11/12/2024

The government has also set new expectations for the RBNZ emphasising that it must place greater emphasis on competition in the banking sector.

Capital / Liquidity

APRA Confirms Plans to Phase Out AT1 Capital Instruments

By Thisanka Siripala | 10/12/2024

The transition will take place over eight years until 2032, when the last AT1 capital instruments reach their first call date.