AUSTRALIA

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    Market Infrastructure

    NZ FMA Identifies Weaknesses at Financial Advice Firms

    By Sanday Chongo Kabange | 04/06/2024

    The FMA also found that the transition to the new financial advice regime resulted in stronger relationships with clients for many advisers.

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    AML / KYC

    Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine

    By Sanday Chongo Kabange | 04/06/2024

    The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.

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    Securities / Derivatives

    Australian Treasury Orders Chinese Investors to Sell Shares

    By Editors | 04/06/2024

    China-linked investors were ordered to dispose of shares in rare earths miner Northern Minerals on national interest grounds.

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    Fintech / Regtech

    CBA, JPM to Pilot Cross-border Bank Account Validation

    By Nithya Subramanian | 04/06/2024

    CBA’s pilot involves the sharing of limited payee account data through its NameCheck technology on JP Morgan’s Liink network.

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    Market Infrastructure

    APRA Identifies Common Gaps in Data Backup Practices

    By Sanday Chongo Kabange | 03/06/2024

    APRA outlined some common issues and directed regulated entities to review their backup arrangements and address identified gaps promptly.

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    AML / KYC

    AUSTRAC Accepts Enforceable Undertaking from Sportsbet

    By Sanday Chongo Kabange | 30/05/2024

    The undertaking binds the online betting company to an ongoing remedial action plan to improve its AML/CTF programme.

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    AML / KYC

    ASIC to Launch New Professional Registers Search in June

    By Sanday Chongo Kabange | 30/05/2024

    The platform will allow users to search for a licence or registration across multiple registers with a single search.

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    Enforcement

    Former NZ CEO Fined Over Anonymous Online Posts

    By Sanday Chongo Kabange | 29/05/2024

    The former CEO made false and misleading representations online purportedly to manipulate NZX-listed New Talisman Gold Mines.

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    ESG / Sustainability

    Australia Consults on Sustainable Finance Taxonomy

    By ESG Investor | 29/05/2024

    The taxonomy will support Australia to play a stronger international role on sustainable finance, said Kristy Graham, CEO of the ASFI.

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    Capital / Liquidity

    RBNZ to Apply New Mortgage Lending Limits from 1 July

    By Nithya Subramanian | 28/05/2024

    The RBNZ said the new DTI and LVR restrictions act as guardrails to reduce the build-up of high-risk lending in the system.

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