Australia

AML / KYC

New Zealand DIA Issues Warning to BNPL Provider Openpay

By Editors | 09/11/2022

Openpay failed to establish, implement, and maintain an AML/CFT programme and to adequately monitor accounts and transactions.

Fintech / Regtech

New Zealand to Propose Regulatory Framework for BNPL

By Editors | 08/11/2022

BNPL providers will be required to conduct affordability checks on customers above a proposed value of NZD 600.

Enforcement

Federal Court Finds NAB Knowingly Overcharged Customers

By Editors | 08/11/2022

NAB became aware of the issue in January 2017 and did not stop overcharging customers until February 2019, court documents say.

AML / KYC

Australia Consults on New Beneficial Ownership Disclosure Regime

By Manesh Samtani | 08/11/2022

The first phase will require specified entities regulated under the Corporations Act to maintain accurate, up‑to‑date and publicly accessible beneficial ownership registers.

Australia Postpones Financial Adviser Registration Requirement

By Editors | 07/11/2022

Legislation passed last October required financial advisers to register with ASIC by 1 January 2023. The new deadline is 1 July 2023.

Market Infrastructure

APRA Set to Undergo First Review by New Monitoring Body

By Editors | 07/11/2022

The FRAA will focus its first review of APRA on its supervision and resolution functions in relation to superannuation.

Enforcement

ASIC Sets Out Enforcement Priorities for 2023

By Sanday Chongo Kabange | 07/11/2022

ASIC will target greenwashing, predatory lending and crypto investment scams, along with other “enduring” priorities involving misconduct and systemic compliance failures by large FIs.

Australia: Customer Owned Banks Gets New Code of Practice

By Editors | 06/11/2022

The new code establishes obligations for more inclusive banking products, expanded lending obligations and guarantor protections, and greater support for vulnerable customers.

AML / KYC

AUSTRAC Issues Updated Guidance on Due Diligence Obligations

By Editors | 04/11/2022

The first guidance document covers enhanced customer due diligence procedures. The second covers the measures for screening employees and training them on ML/TF risks.