Australia

AML / KYC

Russia Facing Comprehensive Sanctions Over Ukraine Invasion

By Manesh Samtani | 25/02/2022

The US is targeting all ten of Russia’s largest financial institutions. Russian access to most major markets has been restricted.

Securities / Derivatives

RBNZ to Gradually Unwind QE Programme Starting in July

By Ranamita Chakraborty | 24/02/2022

Rather than sell bonds back into the secondary market, the RBNZ will sell them to the Treasury at a pace of NZD 5 billion each fiscal year.

Capital / Liquidity

RBNZ Consults on Dual Reporting Requirements for IRB Banks

By Sanday Chongo Kabange | 22/02/2022

The RBNZ plans to bring dual reporting requirements into effect from 1 July 2022, requiring IRB banks to also disclose RWA outcomes based on the standardised approach.

Enforcement

Australian Court Orders Super Trustee to Pay A$20m

By Editors | 22/02/2022

Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.

APRA Offers Guidance on Managing Compliance Risk

By Sanday Chongo Kabange | 22/02/2022

APRA wants regulated entities to give compliance risk management the same attention they give to cyber risk, operational risk management and other risk classes.

AML / KYC

AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

By Editors | 22/02/2022

The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.

APRA Proposes to ‘Sharply’ Increase Superannuation Transparency

By Sanday Chongo Kabange | 21/02/2022

APRA plans to start publishing new aggregate industry, fund-level and product-level statistics on superannuation from June.

AML / KYC

AUSTRAC Orders Bell Financial to Address AML Compliance Issues

By Editors | 17/02/2022

An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.

Enforcement

Advice Compensation Paid by Aussie Majors Tops A$3b

By Editors | 16/02/2022

As at end-2021, Australia’s major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.