Australia

    Enforcement

    ACCC Issues First Penalty for CDR Breach Against BOQ

    By Sanday Chongo Kabange | 14/07/2022

    This is the first infringement notice the ACCC has issued for an alleged breach of the CDR rules as BOQ pays penalty.

    AML / KYC

    Australian Banks Introduce Dynamic CVV to Reduce Card Fraud

    By Editors | 14/07/2022

    Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.

    Securities / Derivatives

    Australia to Explore Unintended Impacts of Super Reforms

    By Editors | 12/07/2022

    In light of the upcoming review, the government will pause a planned extension of APRA’s performance tests beyond MySuper products for 12 months.

    AML / KYC

    RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

    By Editors | 11/07/2022

    A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

    Securities / Derivatives

    Australia Reviews Impact of 2020 Ban on LIC Stamping Fees

    By Editors | 07/07/2022

    Two years ago, the government banned LICs and LITs from paying stamping fees to AFS licensees for help secure investors for capital raisings.

    Securities / Derivatives

    FMA Proposes Guidance for Advising on IPOs, Listed Equity

    By Editors | 07/07/2022

    The guidance explains the FMA’s approach to applying and enforcing Code Standard 3 of the Code of Professional Conduct for Financial Advice Services.

    Capital / Liquidity

    APRA Proposes Enhanced Disclosures on Remuneration, Risk Metrics

    By Editors | 07/07/2022

    APRA proposes to require FIs to publicly disclose how their remuneration arrangements are designed and how risk is factored into remuneration outcomes for key executives.

    ASIC Issues Guidance on Using Superannuation Forecasting tools

    By Editors | 07/07/2022

    Under the retirement income covenant, superannuation trustees are expected to consider providing superannuation calculators or retirement estimates to members.

    AML / KYC

    Puerto Rico Forces Closure of Bank Involved in Global Tax Probe

    By Manesh Samtani | 06/07/2022

    Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.

    AML / KYC

    New Zealand DIA Publishes Guidance on AML/CFT Approach & Strategy

    By Sanday Chongo Kabange | 06/07/2022

    The first publication covers the DIA’s approach to regulating AML/CFT. The second outlines how the DIA uses its compliance and enforcement toolkit.

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