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Capital / Liquidity
APRA Finalises Standards on Recovery and Exit Planning
By Editors | 04/12/2022
The new standard will come into effect from 1 January 2024 for banks and insurers and from 1 January 2025 for RSE licensees.
ESG / Sustainability
ASIC Fines Vanguard Australia for ‘Greenwashing’ in Funds
By Editors | 02/12/2022
Vanguard’s exclusion was meant to prevent investment in companies that sell tobacco products, but its screen only excluded manufacturers and not sellers.
Capital / Liquidity
APRA Pledges to Minimise Burden of New Data Collections
By Editors | 02/12/2022
APRA says it is committed to “early and frequent” engagement with the industry on its new data collections, what it calls a “co-design approach”.
ESG / Sustainability
APRA Unveils Results of Big Bank Climate Vulnerability Assessments
By Editors | 01/12/2022
The CVA results suggest that climate risk impacts and bank loan losses are likely to be concentrated in specific regions and industries.
AML / KYC
AUSTRAC Commences Court Proceedings Against Star Casinos
By Manesh Samtani | 01/12/2022
Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of “an innumerable number” of other breaches.
Enforcement
Australian Court Dismisses ASIC Proceedings for CBA Overcharging
By Editors | 30/11/2022
CBA’s terms and conditions acknowledged that sometimes the bank ‘can get things wrong, and when this happens’ it is ‘determined to make them right again’.
APRA Publishes ‘One-stop Shop’ Guidance for Directors of ADIs
By Editors | 30/11/2022
The guide brings together all of the standards and PPGs needed to help directors navigate requirements that are specific to them, APRA said.
Enforcement
Australia Passes Bill Raising Penalties for Privacy Violations
By Manesh Samtani | 29/11/2022
The legislation also amends the extraterritorial jurisdiction of the Privacy Act to bring into scope foreign firms conducting business in Australia.
Enforcement
APRA to Intensify Industry Scrutiny Following Medibank Hack
By Sanday Chongo Kabange | 29/11/2022
APRA to intensify supervision of all entities not meeting CPS 234. Medibank executive pay could be impacted.
Australia Offers Three Options for Regulating BNPL Providers
By Sanday Chongo Kabange | 29/11/2022
The options seek to ensure BNPL is subject to appropriate regulation that balances consumer protection while still encouraging innovation.
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