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Australia
Capital / Liquidity
RBNZ Consults on Implementation of Deposit Takers Act
By Editors | 31/07/2023
RBNZ proposes a framework for ensuring proportionality in its approach to setting prudential requirements. The consultation also covers how compensation scheme levies are set.
Enforcement
PwC Entered into Confidential Settlement with ATO in March
By Editors | 31/07/2023
PwC entered into a confidential settlement with the Australian Tax Office in March, though details of the settlement remain undisclosed.
Crypto / Digital Assets
Bendigo Bank Blocks “High-risk” Payments to Crypto Exchanges
By Editors | 31/07/2023
New rules for instant payments to crypto exchanges are designed to primarily target investment scams, Bendigo Bank said.
Market Infrastructure
ASX Pledges to Implement Further Governance Improvements
By Sanday Chongo Kabange | 31/07/2023
ASX has pledged to, within three months, implement 16 recommendations made by Herbert Smith Freehills in its review of the group’s governance structure.
Consumer Complaints Reach Record High, says AFCA
By Editors | 30/07/2023
The rise in complaints is attributed scams, insurance claim delays, and banking disputes, AFCA said.
Market Infrastructure
NZ Regulators Demand Progress on Real-Time Payment System
By Editors | 27/07/2023
RBNZ and the Council of Financial Regulators criticised Payments NZ’s slow progress towards a real-time payment system.
Enforcement
Australia Fines Meta A$20m Over Misleading Data Usage Practices
By Editors | 27/07/2023
Australian Federal Court ordered Meta’s subsidiaries to pay AUD 20 million over deceptive consumer data usage, impacting over 270,000 users.
AML / KYC
Australia: National Digital ID System Could Launch Within 12 Months
By Editors | 27/07/2023
Australia’s national digital ID system to revolutionise identity verification, streamline processes and enhance security.
AML / KYC
UK and Australia Illicit Financing Co-ordination Dialogue
By Editors | 27/07/2023
High-level dialogue between UK and Australia reaffirms commitment to combat illicit financing and corruption.
Enforcement
ASIC Lodges Court Action Against Vanguard for Alleged Greenwashing
By Editors | 26/07/2023
ASIC said Vanguard falsely claimed the index it used excluded issuers with significant business activities involving fossil fuels.
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