Australia

AML / KYC

AUSTRAC Expands AML Probe of Star Casino Group to ‘Other Entities’

By Sanday Chongo Kabange | 21/01/2022

AUSTRAC has advised Star that it has not yet made a decision regarding its regulatory response, including whether or not enforcement action will be taken.

Capital / Liquidity

New Zealand to Probe Lenders on Application of New Lending Rules

By Mark Johnston | 20/01/2022

The government has asked the Council of Financial Regulators to bring forward an investigation into whether lenders are implementing the new lending rules as intended.

RBNZ Proposes to Reduce ‘Burden’ of Preparing Assurance Reports

By Editors | 20/01/2022

The RBNZ proposes changes to make assurance reports on bank disclosure statements easier to navigate, more readable, and easier to prepare.

Capital / Liquidity

ASX Recalibrates Capital Requirements for Clearing Participants

By Manesh Samtani | 20/01/2022

An October 2020 proposal to introduce ‘Adjusted Liquid Capital’ as a single capital measure will be implemented no earlier than February 2023, with some adjustments.

Enforcement

Statewide Superannuation Fined for Overcharging, Misleading Members

By Sanday Chongo Kabange | 19/01/2022

Statewide also reported its breaches to ASIC some 45 days late. The firm is required to undertake a remediation programme and engage an independent expert for review.

Crypto / Digital Assets

ASIC Warns Against Investing Super in Crypto Assets

By Sanday Chongo Kabange | 18/01/2022

ASIC says individuals who set up self-managed super funds may be increasingly targeted by scammers to invest in crypto-assets.

CFIUS Deems New Zealand Eligible as Excepted Foreign State

By Editors | 12/01/2022

Foreign investors from excepted foreign states are exempt from mandatory filings and national security reviews of real estate transactions and non-controlling investments.

Australia to Ease Regulatory Requirements for Financial Advisers

By Editors | 30/12/2021

The government proposes to recognise on-the-job experience as meeting financial adviser education requirements. It will also review ways to simplify other compliance obligations.

Australian Treasury to Review Effectiveness of ABSF Facility

By Editors | 28/12/2021

The Australian Business Securitisation Fund facility is designed to unlock a competitive funding source for smaller lenders to on‑lend to SMEs.