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Enforcement
ASIC Finalises Guidance on Completing Timely Remediations
By Editors | 28/09/2022
ASIC says it should not have to oversee remediations in order for consumers to receive fair and timely outcomes.
Securities / Derivatives
NZ FMA Proposes to Update Guidance on Broker Obligations
By Editors | 28/09/2022
The FMA is proposing to update its 2014 guidance to align with regulatory updates and incorporate additional guidance for custodians.
AML / KYC
AUSTRAC Spotlights Risks Associated with Remittance Sector
By Sanday Chongo Kabange | 27/09/2022
Most remittance dealers and remittance network providers did not submit any SMRs in the reporting period assessed by AUSTRAC.
Market Infrastructure
Australia: Optus Data Breach to Prompt Legislative Reform
By Manesh Samtani | 27/09/2022
Australian Prime Minister Anthony Albanese said the Optus breach was a “huge wake-up call” for the corporate sector.
Crypto / Digital Assets
RBA to Commence CBDC Pilot Tests Early Next Year
By Editors | 26/09/2022
The CBDC will be called eAUD. Industry participants are invited to propose CBDC use cases, and to participate in testing. Expressions of interest are due by 31 October.
AML / KYC
AUSTRAC Releases Risk Assessment of Bullion Sector
By Editors | 26/09/2022
Personal income tax evasion was the most common suspected offence, linked to 52% of SMRs, though the associated values were low.
Market Infrastructure
RBNZ, FMA Seeks Feedback on Draft FMI Standards
By Sanday Chongo Kabange | 25/09/2022
The FMI Standards are likely to be issued in early 2023 and take effect around 1 August 2023 – once FMI designations are complete.
Enforcement
Australian Court Fines AMP for ‘Fees for No Service’ Conduct
By Editors | 25/09/2022
The Federal Court said the conduct reflected “very poorly on the organisation culture” of AMP, fining its subsidiaries a total A$14.6mn.
Crypto / Digital Assets
Australian Senator Proposes Bill on Digital Asset Regulation
By Editors | 23/09/2022
The bill would establish rules for crypto exchanges, custody providers stablecoin issuers, and banks facilitating e-CNY transactions.
Capital / Liquidity
Australia: Bond Losses Wipe Out Central Bank’s Equity
By Editors | 22/09/2022
An accounting loss of A$36.7bn depleted the RBA’s reserve funds and left it with a negative net equity position of A$12.4bn.
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