Australia

Enforcement

ASIC Wins ‘Landmark’ Case Over ANZ’s 2015 Share Placement

By Editors | 15/10/2023

The Federal Court said ANZ breached the law by failing to disclose that its underwriters took up nearly a third of its 2015 share placement.

Fintech / Regtech

Australia to Regulate Digital Payment Providers

By Editors | 12/10/2023

The RBA will regulate new and emerging payments systems the same way as credit cards, EFTPOS and other transactions.

Enforcement

Kiwibank Fined for Overcharging Transaction Fees

By Editors | 12/10/2023

The court said the relevant conduct involved “negligence, and no intention to deprive customers of their entitlements.”

AML / KYC

ML/TF Risks Facing the Australian Legal Profession: Report

By Manesh Samtani | 11/10/2023

Luke Murphy, president of the Law Council of Australia, said there are vulnerabilities but they can be managed by augmenting existing controls.

APRA Seeks Increased Transparency on Super Fund Spending

By Editors | 11/10/2023

APRA wants to disclose super fund expenses for marketing, sponsorships, related parties, industry bodies, director and executive remuneration, and political donations.

Australia Consults on Aligning Timing of Super Payments With Wages

By Editors | 10/10/2023

Employers tend to make super payments quarterly, even though employees are typically paid in fortnightly or monthly pay cycles.

Capital / Liquidity

NZ FMA Has Recommendations on Protecting Client Assets

By Manesh Samtani | 09/10/2023

The FMA has proposed a review of the regulatory settings for custodians in New Zealand, including a possible licensing regime.

Fintech / Regtech

ASX Pledges to Remediate Issues Identified in RBA Assessment

By Manesh Samtani | 09/10/2023

The RBA said ASX has been operating at a “heightened level of overall risk level for an extended period” and this needs to be addressed “promptly”.

Australia to Amend Superannuation Tax Concession Policy

By Sanday Chongo Kabange | 06/10/2023

The government is proposing “slightly less generous” tax concessions for individuals with a total superannuation balances above A$3mn.