Australia

AML / KYC

AUSTRAC Orders AML Audits at Two Corporate Bookmakers

By Editors | 04/11/2022

Sportsbet and Bet365 are among the largest corporate bookmakers in Australia. AUSTRAC chief Nicole Rose said the whole industry is on notice.

Fintech / Regtech

ACCC Studies Data Quality Issues in CDR Ecosystem

By Editors | 03/11/2022

The consultation is gathering views on data quality issues in the CDR ecosystem, the harms they cause, and ways to address them, including through enforcement.

ASIC Publishes Inspection Findings from Six Biggest Audit Firms

By Editors | 01/11/2022

Based on the number of negative findings in the files ASIC assessed, EY demonstrated the highest quality audits, followed by BDO and PwC.

AML / KYC

NZ DIA Updates CCD Guidance to Address Nominee Structures

By Sanday Chongo Kabange | 01/11/2022

Reporting entities “must” take reasonable steps to verify the existence and name of any nominee director, shareholder or general partner at onboarding.

Capital / Liquidity

NZ Banks ‘Well Placed’ to Withstand Stagflation Scenario: RBNZ

By Editors | 01/11/2022

The stress tests show that river and surface water flooding may be a greater climate-related hazard for residential mortgages than coastal flooding.

Market Infrastructure

ASX Issues 2nd Consultation on Measures for Handling Outages

By Editors | 01/11/2022

ASX is seeking feedback on new order and trade download services, a ‘cancel only’ session state, and an intraday restart capability.

AML / KYC

Australia: Budget Measures Provide Boost to Scam Prevention

By Editors | 30/10/2022

The budget also includes funding for APRA and ASIC to increase their staff numbers, an independent review of the carbon market, and the introduction of climate reporting standards.

AML / KYC

AUSTRAC Issues New Guidance on Preventing TBML

By Sanday Chongo Kabange | 28/10/2022

The guidance describes the most common TBML methodologies and provides indicators and behaviours to help financial service providers detect and report suspicious activity.

Enforcement

Australia Increases Penalties for Anti-Competitive Conduct

By Editors | 28/10/2022

Maximum penalties for companies can be as high as A$50mn, three times the benefit derived from a breach, or 30% of annual turnover.