Australia

NZ FMA Drafts New Conduct Guidance for Financial Products Sales

By Sanday Chongo Kabange | 22/02/2023

The draft guidance covers any situation where an intermediary is involved in the distribution of a financial institution’s products or services.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Cash Converters

By Editors | 22/02/2023

The personal finance company’s AML/CTF programme was not properly implemented and did not include sufficient details on transaction monitoring and CDD.

Crypto / Digital Assets

Australian Crypto Exchange Reopens After FTX Loss

By Editors | 22/02/2023

Customers of Digital Surge are allowed to make deposits, withdrawals, and trade, months after AUD 33 million of its digital assets became locked up in FTX.

Australia Proposes to Enshrine Superannuation Objective in Law

By Editors | 21/02/2023

The Treasury says legislating an objective will provide stability and confidence that policy changes will be aligned with the purpose of the superannuation system.

Financial Firms Must Keep Better Accounting Records: NZ FMA

By Editors | 21/02/2023

The guidance is designed to help financial service providers address “emerging and persistent issues” in financial reporting, the FMA said.

Australia Proposes Enhanced Protections for SACC Consumers

By Editors | 21/02/2023

The amendments are designed to ensure consumers of SACCs and consumer leases are not left unable to meet their basic needs or other financial commitments.

Australia: Big Banks to Face Scrutiny from Parliamentary Committee

By Sanday Chongo Kabange | 20/02/2023

The big four will face questions about how they set interest rates, protect customers from scams, and support the flow of credit to small businesses.

Securities / Derivatives

ASX Sets Out New Roadmap for CHESS Replacement Solution

By Manesh Samtani | 20/02/2023

ASX is giving away up to AUD 70 million to stakeholders in rebates and incentives to support their efforts in meeting project milestones.

AML / KYC

AUSTRAC Signs Anti-Financial Crime MoUs with UK FCA, HMRC

By Editors | 20/02/2023

The MoUs will support improved supervisory practices and tools, and facilitate enhanced monitoring of businesses operating across the UK and Australia.