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AML / KYC
AUSTRAC Orders AML Audit at The Perth Mint
By Manesh Samtani | 31/08/2022
Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.
ASIC Directs Super Trustees to Improve DDO Compliance
By Editors | 30/08/2022
ASIC reviewed target market determinations for superannuation products and found noncompliance and poor practices by some trustees.
APRA Relaxes Phase 2 Timelines of Superannuation Data Project
By Editors | 29/08/2022
The overall consultation timeline for Phase 2 of the Superannuation Data Transformation project is being extended from 9 months to 14 months.
Market Infrastructure
New Zealand FMA Sets Out Priorities in New Corporate Plan
By Editors | 29/08/2022
The FMA will prioritise work on three new legislative regimes: financial advice licensing, climate-related disclosures, and conduct licensing.
Australia Proposes Reduced Barriers to Financial Advice Profession
By Editors | 29/08/2022
Treasury proposes to remove tertiary education requirements for experienced financial advisers, and simpler requirements for new entrants to the industry.
Fintech / Regtech
Australia Consults on CDR Expansion to Non Bank Lending
By Editors | 29/08/2022
A report from Treasury says information about non-bank lending products as well as customer information should be subject to CDR data-sharing obligations.
Australia to Simply Corporations and Financial Services Law
By Editors | 28/08/2022
Legislative amendments released for consultation are based on recommendations issued by the Australian Law Reform Commission late last year.
Capital / Liquidity
NZ Government Takes Direct Ownership of Kiwibank
By Editors | 28/08/2022
The government pledged to support Kiwibank, New Zealand’s fifth-largest retail bank, to become a “genuine competitor in the banking industry”.
ESG / Sustainability
RBA Calls on FIs to ‘Act Now’ to Address Climate Risk
By Manesh Samtani | 25/08/2022
All insurers, banks and super fund trustees face liability risk if they do not disclose, address and manage the effects of climate change sufficiently.
CA ANZ Commences Review of Professional Conduct Framework
By Editors | 25/08/2022
The review will ensure the professional conduct framework for chartered accountants remain robust and in line with best practice.
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