Australia

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.

APRA Finalises Updates to EFS Reporting Standards

By Mark Johnston | 31/01/2024

The revised standards apply to reporting periods ending on or after 30 June. The updated Priority Listing for Data Items apply to reporting periods ending after 31 October.

Sanctions

Australia Commences Review of Autonomous Sanctions Regime

By Editors | 30/01/2024

The review will examine how the autonomous sanctions framework could better support the government’s foreign policy objectives.

Sanctions

US, UK Join Australia in Sanctioning Russian Cyber Attacker

By Mark Johnston | 24/01/2024

The US and UK took action “in solidarity with Australia” because of the similar risk Aleksandr Ermakov presents to both countries.

AML / KYC

Australia Scraps Golden Visa Programme in Immigration Overhaul

By Editors | 24/01/2024

The programme is being scrapped after the government found it was “delivering poor economic outcomes” and had failed to meet its core objectives.

Capital / Liquidity

RBNZ Consults on Proposals to Activate DTI Restrictions for Mortgage Lending

By Sanday Chongo Kabange | 23/01/2024

The RBNZ says DTI restrictions will allow the central bank to loosen the LVR settings without increasing risks to financial stability.

Sanctions

Australia Announces First Use of Cyber Sanctions Powers

By Editors | 23/01/2024

Australia imposed sanctions against Russian national Aleksandr Ermakov, who was linked to the 2022 Medibank breach.

Sanctions

US, UK, Australia Announce New Round of Hamas Sanctions

By Editors | 23/01/2024

OFAC said the sanctions target Hamas, its financiers, and its international financial infrastructure, including crypto transfers.

ASIC Allows Two Extra Weeks to Register Financial Advisers

By Sanday Chongo Kabange | 19/01/2024

AFS licensees have until 16 February to register their financial advisers. Providing personal advice to retail clients without registration will be subject to regulatory action.