AUSTRALIA

Enforcement

Australia Jails Ex-Investment Manager Over False Performance Reports

By Sanday Chongo Kabange | 13/11/2024

The forged portfolio performance verification reports falsely verified or claimed a history of successful investment returns.

AML / KYC

AUSTRAC Launches New System for Enrolment, Registration and Reporting

By Sanday Chongo Kabange | 12/11/2024

AUSTRAC says the new online portal makes it easier and faster to enrol or register a new business and to meet AML/CTF obligations.

Enforcement

Australia: Parliamentary Inquiry Into Big Four Audit Firms Concludes

By Editors | 12/11/2024

The inquiry identified recommendations to enhance governance, transparency, and accountability within the big four firms.

Capital / Liquidity

Navigating APRA’s Revised IRRBB Requirements

By Bradley Maclean | 12/11/2024

Australian bankers are concerned about tight implementation timelines for APS 117, given the significant model development and testing work needed.

Capital / Liquidity

Levies for NZ’s Depositor Compensation Scheme to be ‘Risk-based’

By Editors | 12/11/2024

New Zealand’s four largest banks will pay about three-quarters of the total levies collected to fund the Depositor Compensation Scheme.

Crypto / Digital Assets

RBA Invites Industry to Participate in Digital Money Experiments

By Editors | 11/11/2024

The project will explore how different forms of digital money and associated infrastructure could support the development of wholesale tokenised asset markets in Australia.

AML / KYC

AUSTRAC Raises Concerns Over Outsourced AML Programmes

By Thisanka Siripala | 09/11/2024

AUSTRAC is making “significant internal changes” as part of its commitment to supporting the industry through coming AML/CFT reforms.

Capital / Liquidity

APRA to Launch System-wide Stress Test in H1 2025

By Thisanka Siripala | 08/11/2024

APRA’s Therese McCarthy Hockey said the “System Risk Stress Test” will focus on risk transmission channels between banks and super funds.

AML / KYC

Australia Introduces “Landmark” Anti-Scam Legislation to Parliament

By Sanday Chongo Kabange | 07/11/2024

The bill will establish a ‘scams prevention framework’ and introduce certain mandatory obligations for banks, telcos and social media platforms.