Australia

APRA Asks Super Trustees to Improve Outsourcing Arrangements

By Editors | 08/10/2022

APRA expects all trustees to evaluate and improve their processes for selecting, monitoring and overseeing outsourcing arrangements.

AML / KYC

AUSTRAC Issues Guidance on SoF and SoW Checks

By Sanday Chongo Kabange | 07/10/2022

When performing SoF and SoW checks, reporting entities must avoid the misconception that money coming from a bank can be presumed to be clean.

Market Infrastructure

Australia Mounts ‘Supercharged’ Response to Optus Breach

By Sanday Chongo Kabange | 07/10/2022

“Operation Guardian” will protect those who had their data released online. Regulatory changes will enable better coordination to detect and mitigate cyber, fraud and scam risk.

FMA Proposes Guidance on Keeping Proper Accounting Records

By Editors | 05/10/2022

The FMA offers guidance for reporting entities on their obligations under the FMC Act to keep proper accounting records.

Capital / Liquidity

Further Progress Made to Adopt Basel III Standards: BCBS

By Editors | 05/10/2022

The latest update highlights progress to implement the Basel III standards from APAC jurisdictions including Australia, Indonesia, Japan and China.

Australia Releases Report Addressing Bank Branch Closures

By Editors | 05/10/2022

The report says banks need to improve communication and support provided to local communities when regional branches close or their hours are reduced.

Australia Consults on Possible Changes to ASIC Funding Model

By Editors | 04/10/2022

Discussion paper asks whether there are opportunities to simplify the design, structure, and legislative framework for ASIC’s industry funding model.

AML / KYC

Australian Regulators Propose Measures to Address De-Banking

By Editors | 04/10/2022

A CFR policy paper provides four recommendations to address de‑banking of fintechs, crypto exchanges and remittance firms.

Enforcement

Australian Court Dismisses ASIC Lawsuit Against CBA

By Editors | 03/10/2022

The Federal Court ruled that ASIC failed to establish that CBA received conflicted remuneration when distributing Colonial First State’s superannuation product.