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Australia
Australia: Enforcement of New FAR Regime to Be Delayed
By Sanday Chongo Kabange | 05/02/2024
APRA and ASIC acknowledged that banks may need more time to comply with some FAR requirements due to delays finalising some rules.
Sanctions
Oil Price Cap Coalition Issues Alert on Evasion Methods
By Editors | 04/02/2024
The alert includes an overview of key oil price cap evasion methods as well as recommendations for identifying them.
AML / KYC
SkyCity Agrees to Pay More Than A$70m for AML Breaches
By Editors | 02/02/2024
AUSTRAC launched civil penalty proceedings against SkyCity Adelaide in December 2022. The casino operator just raised its provision for the potential penalty.
Securities / Derivatives
ASIC Issues New Guidance on Pre-Hedging Practices
By Editors | 02/02/2024
If not carried out in an appropriate manner, pre-hedging can be unfair, unconscionable and result in poor client outcomes, ASIC said.
Sanctions
Australia, UK Join US in Imposing New Myanmar Sanctions
By Editors | 02/02/2024
The sanctions come three years after the military coup in Myanmar. Australia and the UK targeted a combined nine entities.
Fintech / Regtech
Reforms Needed to Better Regulate AI: ASIC Chair
By Manesh Samtani | 01/02/2024
ASIC is conducting a review into the use of AI in the banking, credit, insurance, and advice sectors to better understand use cases and impacts to consumers.
Market Infrastructure
New Zealand to Overhaul Financial Services Regulations
By Editors | 01/02/2024
NZ will restructure its twin peaks regulatory framework, simplify licensing requirements, and reform the Companies Act, CoFI, and CCCFA.
Market Infrastructure
APRA Outlines Supervision and Policy Priorities for H1 2024
By Sanday Chongo Kabange | 01/02/2024
APRA’s priorities will include operational and cyber resilience, and embedding lessons from last year’s banking turmoil, among other areas.
AML / KYC
Australia-US Agreement on Electronic Data Access Comes Into Force
By Editors | 01/02/2024
The agreement will better enable US and Australian agencies to prevent, detect, investigate, and prosecute serious crimes.
Enforcement
Westpac Fined A$9.8m for 2016 Pre-Hedging Case
By Sanday Chongo Kabange | 31/01/2024
Westpac will pay the maximum penalty of A$1.8mn allowed in 2016 for unconscionable conduct and another A$8mn for ASIC’s costs.
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