AUSTRALIA

Capital / Liquidity

APRA Identifies Recovery Planning Weaknesses at Super Funds

By Editors | 02/07/2024

APRA said improvements are needed to meet new recovery and exit planning requirements by 1 January 2025.

AML / KYC

Australia Law Body Issues Guidance on AML

By Sanday Chongo Kabange | 01/07/2024

The guidance will safeguard  legal practitioners from being “unwittingly” misused by financial criminals.

Market Infrastructure

ASX to Deliver First Phase of CHESS Replacement in 2026

By Sanday Chongo Kabange | 29/06/2024

ASX has confirmed it will target delivery of the first phase of its CHESS replacement project in 2026.

Enforcement

Federal Court Orders Ferratum Australia to Pay A$16m

By Editors | 28/06/2024

The Court found that Ferratum’s non-compliance arose from its Finland-based parent company’s lack of attention to Australian regulatory requirements

Market Infrastructure

ANZ-Suncorp Merger Approved with ‘Strict’ Conditions

By Sanday Chongo Kabange | 28/06/2024

Treasurer Jim Chalmers has allowed ANZ to acquire Suncorp Bank but has prohibited branch closures and job cuts for the next three years.

AML / KYC

Australia Introduces Legislation for SMS Sender ID Register

By Sanday Chongo Kabange | 27/06/2024

The new legislation allows for the establishment of an SMS Sender ID Register to help fight scams.

ASIC Approves Updated Banking Code of Practice

By Sanday Chongo Kabange | 27/06/2024

The revised Banking Code of Practice improves protections for consumers and small businesses and will commence on 28 February 2025.

Capital / Liquidity

RBNZ Implements ‘Dual Reporting’ Requirement for IRB Banks

By Manesh Samtani | 27/06/2024

Dual reporting requires banks that use internal models to calculate credit risk capital to also disclose calculations using the ‘standardised approach’.

Market Infrastructure

RBA Eases Regulatory Burden for Small Securities Settlement Facilities

By Sanday Chongo Kabange | 27/06/2024

The RBA has expanded exemptions to accommodate the potential emergence of new, technologically innovative securities settlement facilities.