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Australia’s First Islamic Bank Prepares for Limited Launch
By Editors | 14/10/2022
Customers will be charged rent while living under the bank’s share of a property, rather than paying interest.
Market Infrastructure
RBA Suffers, and Recovers from, Four-Hour Outage
By Editors | 14/10/2022
The outage disrupted real-time and overnight payments routed through the NPP, causing a backlog of transactions which the RBA is working to clear.
Enforcement
APRA Orders RACQ to Uplift Risk, Compliance Frameworks
By Editors | 12/10/2022
APRA identified issues with RACQ’s risk and compliance framework and practices, unclear accountabilities, and an “immature risk culture”.
ESG / Sustainability
ASIC is Investigating Firms for Possible Greenwashing
By Editors | 12/10/2022
The investigations involve super fund trustees, listed companies and one managed fund. Net-zero claims are a key area facing scrutiny.
Enforcement
New Zealand: Conduct Issues Result in Remediation Worth NZ$150m
By Editors | 08/10/2022
Conduct issues in the life insurance and banking sectors resulted in over NZD 43 million and NZD 109 million in customer remediation, respectively.
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.
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