Australia

    AML / KYC

    AUSTRAC to Update Guidance on Reporting Cash Transactions

    By Editors | 30/11/2021

    A TTR will be required for each individual cash transaction of A$10,000 or more. Reporting entities will not need to combine transactions when submitting TTRs.

    Fintech / Regtech

    ACCC to Launch CDR Sandbox to Support Innovation

    By Editors | 30/11/2021

    The sandbox aims to help current and prospective CDR participants build and test their solutions faster, and improve accuracy and quality.

    New Responsible Lending Laws Take Effect in New Zealand

    By Sanday Chongo Kabange | 30/11/2021

    The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.

    Capital / Liquidity

    APRA Finalises New Capital Framework for Banks

    By Manesh Samtani | 30/11/2021

    The new framework seeks to strengthen financial resilience rather than require banks to raise additional capital, APRA says.

    Enforcement

    ASIC Files Multiple Court Proceedings Against Westpac

    By Editors | 30/11/2021

    Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.

    Enforcement

    APRA Imposes Capital Surcharge on Heritage Bank

    By Editors | 29/11/2021

    Heritage Bank will also have to complete a remediation programme to address governance and risk management concerns.

    Securities / Derivatives

    SGX Goes Live with NZX Dairy Derivatives Contracts

    By Editors | 29/11/2021

    The partnership with SGX will bring “unprecedented access” to the dairy derivatives markets, says NZX chief Mark Peterson.

    Securities / Derivatives

    Australia Introduces Bill to Enable CCIV Fund Structure

    By Editors | 29/11/2021

    The CCIV has the potential to unlock significant opportunities for the Australian funds management industry, says Financial Services Council CEO Sally Loane.

    Market Infrastructure

    Australia to Drop LIBOR in Cross Currency Swaps Trading

    By Manesh Samtani | 29/11/2021

    BBSW/LIBOR will shift to BBSW/SOFR in cross currency basis swaps trading, though the move presents challenges inherent to an IBOR/RFR pairing.

    ESG / Sustainability

    APRA Finalises Guidance on Climate Change Financial Risks

    By Sanday Chongo Kabange | 29/11/2021

    The new climate change prudential practice guide covers governance, risk management, scenario analysis and disclosure.

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