Australia

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.

Crypto / Digital Assets

ASIC Places Interim Stop Orders on Three Crypto Funds

By Editors | 17/10/2022

Holon has disclosed the risk that assets in the three funds could face a total loss of value. ASIC considers the funds not suited to the “wide target market” defined in the TMDs.

Australia’s First Islamic Bank Prepares for Limited Launch

By Editors | 14/10/2022

Customers will be charged rent while living under the bank’s share of a property, rather than paying interest.

Market Infrastructure

RBA Suffers, and Recovers from, Four-Hour Outage

By Editors | 14/10/2022

The outage disrupted real-time and overnight payments routed through the NPP, causing a backlog of transactions which the RBA is working to clear.

Enforcement

APRA Orders RACQ to Uplift Risk, Compliance Frameworks

By Editors | 12/10/2022

APRA identified issues with RACQ’s risk and compliance framework and practices, unclear accountabilities, and an “immature risk culture”.

ESG / Sustainability

ASIC is Investigating Firms for Possible Greenwashing

By Editors | 12/10/2022

The investigations involve super fund trustees, listed companies and one managed fund. Net-zero claims are a key area facing scrutiny.