Australia

ASIC Offers Recommendations on Improving Auditor Practices

By Editors | 24/10/2022

ASIC conducted a thematic review on root cause analysis practices at the six largest audit firms, ahead of ASQM 1 coming into effect on 15 December 2022.

AML / KYC

NZ DIA Lists Common Areas of AML Non-Compliance

By Editors | 24/10/2022

Common areas of non-compliance related to AML/CFT risk assessments, staff training, PEP identification, and compliance monitoring, among other areas.

Securities / Derivatives

APRA Commences New Statistical Publication on Super Sector

By Editors | 24/10/2022

The published data for the first time includes information on the number and types of products and investment options available in the superannuation industry.

Enforcement

NZ FMA Issues Warnings Against Property Investment Firms

By Editors | 23/10/2022

The firms misused the wholesale investor exclusion to extend offers to people with little or no investment experience.

AML / KYC

NZ FMA Issues Formal Warning to InvestNow Over AML Failures

By Editors | 22/10/2022

InvestNow had deficiencies in its processes for verifying customer identities and conducting CDD, EDD and SoW/SoF checks.

Australia: Industry Body Launches BNPL Code Review

By Editors | 19/10/2022

The review was launched six months early in response to feedback from stakeholders. The findings are due to be reported by 1 March 2023.

ESG / Sustainability

Half of New Zealand Assets Responsibly Managed

By ESG Investor | 19/10/2022

By end 2021, 49% of New Zealand assets were managed through responsible investment strategies, an increase from 43% in 2020.

RBNZ Concludes First Consultation on Monetary Policy Remit

By Editors | 18/10/2022

Many respondents felt climate change should not be included in monetary policy decision-making, and that the RBNZ should increase its emphasis on price stability.

AML / KYC

NSW Regulator Imposes Max Penalty on Casino Giant The Star

By Editors | 18/10/2022

Casino giant The Star has been fined A$100mn and had its licence in NSW suspended due to its failure to prevent money laundering at its Sydney casino.