Australia

Market Infrastructure

ASX Commits to Providing Certainty on Stability of CHESS

By Sanday Chongo Kabange | 16/12/2022

ASIC and the RBA asked ASX to issue a special audited report detailing arrangements to ensure the stability, security and resilience of the existing CHESS system.

Sanctions

New Russia, Iran Sanctions Imposed Over Drone Use in Ukraine

By Mark Johnston | 16/12/2022

The UK, EU and New Zealand has announced new sanctions against Iranian individuals and entities over the supply of drones to Russia.

Capital / Liquidity

RBA’s Term Funding Facility Didn’t Boost SME Lending as Intended

By Editors | 15/12/2022

Researchers said the TFF did not directly increase business lending, but it did reduce banks’ funding costs and led to lower interest rates throughout the economy.

Crypto / Digital Assets

Australia Seeks Input on Strategic Plan for Payments System

By Manesh Samtani | 15/12/2022

The government will also empower the RBA to regulate digital wallet providers and improve the regulatory framework for crypto service providers.

AML / KYC

AUSTRAC Releases First Proliferation Financing Risk Assessment

By Manesh Samtani | 15/12/2022

Australia is vulnerable due to lack of reporting requirements for DNFBPs and poor transparency of companies, trusts, and beneficial ownership.

Enforcement

ASIC Finds Product Governance Shortfalls by Small Credit Lenders

By Editors | 14/12/2022

TMDs issued by payday lenders and consumer leasing companies lacked detail in the descriptions of their products and target markets. Review triggers were also set too broadly.

ASIC Directs Super Funds to Improve Complaints Handling

By Sanday Chongo Kabange | 14/12/2022

Superannuation trustees are not responding to complaints in a timely manner and are failing to notify consumers of their right to approach AFCA.

Capital / Liquidity

APRA Consults on New Quarterly Statistical Publication

By Editors | 14/12/2022

APRA proposes to bring forward the publication frequency of four metrics to be on a quarterly basis for inclusion in the initial publication.

AML / KYC

ASIC Commences Proceedings Against Star Entertainment Execs

By Editors | 13/12/2022

ASIC says Star board members and key executives breached their duties by failing to address known money laundering risks.