Australia

Enforcement

ASIC Sues Cigno, BSF Solutions Over Unlicensed Credit Offerings

By Sanday Chongo Kabange | 04/10/2023

Cigno Australia and BSF Solutions used a credit model that subjected some consumers to fees of more than 600% of their total loan amount.

ESG / Sustainability

NZ FMA Issues Record Keeping Guidance for Climate Disclosures Regime

By Sanday Chongo Kabange | 04/10/2023

The guidance sets out principles for firms to ensure their records evidence that climate statements comply with the CRD requirements.

Capital / Liquidity

RBNZ Finalises Decision to Implement Dual Reporting for IRB Banks

By Sanday Chongo Kabange | 04/10/2023

Dual reporting is intended to show how the use of internal models affects a bank’s RWA outcomes compared to using the standardised approach.

Market Infrastructure

APRA, ASIC Publish New Guidance for Financial Accountability Regime

By Sanday Chongo Kabange | 03/10/2023

The new information package includes guidance for banks on transitioning to the FAR, including a template for producing accountability statements.

Market Infrastructure

RBA Publishes Conclusions on Measures to Enhance Debit Card Market

By Editors | 02/10/2023

The RBA will not prohibit banks from setting a default routing network on dual-network cards, but said it expects faster progress on enabling least-cost routing.

Capital / Liquidity

NZ FMA Updates Liquidity Risk Management Guidance for Funds

By Editors | 02/10/2023

The proposed guidance makes clear that effective liquidity risk management is a legal obligation of MIS managers and supervisors.

PwC Publishes Review of Tax Leak Scandal, Plans for Change

By Manesh Samtani | 01/10/2023

PwC Australia CEO Kevin Burrowes pledged to adopt all 23 recommendations from an external review of its corporate governance failures.

UK, NZ Sign Pact to Mutually Recognise Auditor Qualifications

By Sanday Chongo Kabange | 29/09/2023

The New Zealand FMA and UK’s FRC have agreed on mutual recognition of the professional qualifications of auditors.

AML / KYC

AUSTRAC Issues Customer Identification Guidance for Gambling Providers

By Sanday Chongo Kabange | 29/09/2023

From September 2024, online gambling providers must complete applicable customer identification procedures before offering gambling services.