Australia

Market Infrastructure

NZ FMA Consults on New Licence Conditions Under CoFi

By Editors | 21/07/2022

Banks, insurers and non-bank deposit takers will need a ‘financial institution licence’ issued by the FMA starting in early 2025.

AML / KYC

ACCC Chair Calls for Joint Response to Financial Scams

By Sanday Chongo Kabange | 21/07/2022

ACCC chair Gina Cass-Gottlieb says banks have a responsibility to protect customers from investing in scam cryptocurrency schemes.

Capital / Liquidity

APRA Finalises New Standards on Super Fund Investment Governance

By Editors | 21/07/2022

The new standard will commence on 1 January 2023. APRA will consult on additional guidance later this year, also covering ESG risks.

Enforcement

ASIC Imposes Eight Year Bans Over Pressure Selling of CFDs

By Editors | 21/07/2022

Two executives have been banned for eight years after their firm engaged in “unconscionable conduct” including the use of pressure selling tactics.

Capital / Liquidity

APRA Removes Remaining Capital Overlay Applied on Allianz

By Editors | 20/07/2022

APRA says it is satisfied that Allianz has fulfilled its commitments set out in a court enforceable undertaking undertaken in March 2021.

Capital / Liquidity

RBNZ Launches New Standing Repo Facility

By Editors | 19/07/2022

The facility will allow eligible counterparties to lend NZD overnight and receive New Zealand government bonds as collateral.

AML / KYC

New Zealand Court Dismisses Appeal of First AML Act Convictions

By Editors | 19/07/2022

Jiaxin Finance, its sole director and his mother were sentenced to pay fines for AML/CFT violations in 2020. Their appeals have been dismissed.

AML / KYC

NSW Authorities Inquire Into Money Laundering via Gaming Machines

By Editors | 17/07/2022

NSW Crime Commission issued new papers as part of an inquiry into money laundering via electronic gaming machines at pubs, clubs and hotels.

ASIC Bans Excessive Fees Charged to Small Credit Customers

By Editors | 15/07/2022

ASIC’s orders prohibit the provision of short term credit and continuing credit contracts which involve unreasonably high fees charged to retail clients.