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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.
ASIC Calls Out Noncompliance With Breach Reporting Regime
By Editors | 28/10/2022
Not enough licensees are reporting, and they are taking too long to identify breaches, investigate them, and finalise remediation.
Enforcement
CommSec, AUSIEX Fined A$27m for Market Integrity Rule Breaches
By Editors | 27/10/2022
CommSec and AUSIEX demonstrated “widespread, systemic compliance failures” over a nine-year period, said ASIC deputy chair Sarah Court.
Enforcement
Australian Court Orders ANZ to Pay A$25m Penalty
By Editors | 27/10/2022
ANZ inadvertently failed to provide promised fee and interest rate discounts to customers due to inadequacies within its systems.
Market Infrastructure
ASIC Offers Conduct Guidance to Wholesale Market Participants
By Mark Johnston | 26/10/2022
Fixed income dealers should establish clear prohibitions on the use of unapproved communication channels, ASIC says.
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