Australia

AML / KYC

NAB Enters Undertaking to Uplift AML/CTF Compliance

By Editors | 04/05/2022

NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.

Crypto / Digital Assets

ASX to Align Rulebooks for Investment Products

By Editors | 29/04/2022

Having three different rulebooks for investment products opens the door to inconsistent treatment, rule arbitrage, and confusion for issuers and investors.

RBNZ to Finalise DSR Framework By Late 2022

By Ranamita Chakraborty | 28/04/2022

The RBNZ will design a framework so that debt-to-income restrictions on mortgage lending are ready to be used by mid-2023, if needed.

AML / KYC

AUSTRAC Enhances MOU with Victoria Casino Regulator

By Editors | 27/04/2022

The Victorian Gambling and Casino Control Commission will be provided designated access to AUSTRAC’s financial intelligence database.

AML / KYC

Australia Sanctions More Russian Lawmakers, US Blocks Port Access

By Editors | 26/04/2022

Australia has now sanctioned nearly 750 individuals and entities in response to the war in Ukraine. Russian-affiliated vessels are prohibited from entering US ports.

Enforcement

Australian Court Orders Westpac to Pay A$113m in Penalties

By Editors | 25/04/2022

The penalties are the result of six proceedings brought by ASIC in November. Westpac had already agreed to pay the penalties and customer remediation.

Enforcement

CA ANZ May Discipline 12 KPMG Accountants for Cheating

By Editors | 23/04/2022

More than 400 CA ANZ members were found to have cheated on online training tests, but only 12 are being put through the body’s disciplinary process.

Enforcement

Australia: Deloitte Resolves Case of False Expense Claims

By Editors | 22/04/2022

Former director Paul Quill has reportedly agreed to repay Deloitte for over A$3mn of personal purchases claimed as work expenditures.

Fintech / Regtech

APRA Outlines Expectations on Managing Crypto-Asset Risks

By Ranamita Chakraborty | 22/04/2022

Regulated entities looking to launch crypto-asset-related operations should consult their supervisor first. A longer-term prudential framework is being developed.