Australia

Capital / Liquidity

APRA Removes Liquidity Add-on for Bendigo and Adelaide Bank

By Editors | 10/08/2023

APRA applied a ten percent add-on to the net cash outflow component of Bendigo’s LCR calculation in October 2020.

ESG / Sustainability

BlackRock Launches NZ$2b Fund to Support New Zealand Transition

By Mark Johnston | 09/08/2023

BlackRock has partnered with the New Zealand government to launch a NZD 2 billion climate infrastructure fund.

AML / KYC

AUSTRAC to Implement Pre-verification Requirement for Online Gambling

By Editors | 08/08/2023

Identification verification procedures must be carried out before online gambling services are provided to customers, starting 29 September.

Crypto / Digital Assets

Australia Expected to Consult on Crypto Rules Within Weeks – Report

By Editors | 08/08/2023

The rules are expected to cover crypto custody and licensing for exchanges, as well as obligations for crypto firms to protect customer funds.

Capital / Liquidity

Australia Proposes Licensing Exemptions for FFSPs

By Ranamita Chakraborty | 08/08/2023

The proposed legislation reduces entry barriers for foreign financial services providers entering the Australian market while ensuring appropriate regulatory oversight.

AML / KYC

CBA Imposes Monthly Limit on Transfers to Crypto Exchanges

By Editors | 08/08/2023

Transfers to crypto exchanges beyond A$10,000 will be declined. In some cases, certain payments to crypto exchanges will be held for up to 24 hours, regardless of the amount.

ESG / Sustainability

Australia: ASFI Unveils Taxonomy Technical Expert Group

By ESG Investor | 08/08/2023

The expert group will offer strategic direction over, input into and endorsement of an Australian sustainable finance taxonomy.

Enforcement

Australia Announces ‘Crackdown’ on Tax Adviser Misconduct

By Manesh Samtani | 08/08/2023

The maximum penalties for tax advisers who promote tax exploitation schemes will increase 100-fold to more than A$780mn.

Securities / Derivatives

Australia Launches Review of Managed Investment Schemes Regime

By Editors | 07/08/2023

The consultation seeks feedback on a number of issues, including whether the wholesale client thresholds should be increased.