Australia

AML / KYC

NAB Examining Data on 9m Customers to Plug AML, KYC Gaps

By Ranamita Chakraborty | 13/09/2021

Chief executive Ross McEwan outlined NAB’s work to update KYC information for all its customers as part of efforts to meet its AML obligations.

Market Infrastructure

APRA’s New Data Collection Solution Goes Live

By Editors | 12/09/2021

Banks have to maintain all BEAR information including accountability statements and maps in APRA Connect from this month.

Market Infrastructure

New Zealand Banks ANZ, Kiwibank Hit with DDoS Attacks

By Editors | 12/09/2021

ANZ said it had recovered on Thursday but online services were intermittent on Friday. Kiwibank was still working to get its systems back up through Sunday.

Capital / Liquidity

APRA, RBA to Discontinue Committed Liquidity Facility

By Editors | 10/09/2021

APRA and the RBA consider there to be sufficient HQLA for banks to meet LCR requirements and for the foreseeable future without the need to utilise the CLF.

Securities / Derivatives

Australian Carbon Exchange Expected to Launch in 2023

By Editors | 10/09/2021

Australia’s Clean Energy Regulator has invited 13 companies including ASX to participate in an RFP to develop an exchange-traded market and registry for carbon offset units.

Enforcement

Australian Court Fines Allianz, AWP for Deceptive Conduct

By Editors | 09/09/2021

Allianz and AWP will pay a total AUD 1.5 million for engaging in misleading and deceptive conduct when selling travel insurance.

APRA Finds Praise in Survey of Regulated Entities

By Editors | 09/09/2021

APRA’s supervision helps to protect banking, insurance and superannuation industries, say 95 percent of regulated entities.

Enforcement

Court Finds Colonial First State Engaged in Misleading Conduct

By Editors | 09/09/2021

The Federal Court found that Colonial First State misled its customers to encourage them not to transfer their superannuation to a lower cost MySuper product.

Capital / Liquidity

RBNZ Directs Banks to Correct Liquidity Management Weaknesses

By Ranamita Chakraborty | 08/09/2021

Banks have been sent a detailed list of the RBNZ’s findings and instructions to develop remediation plans and conduct assessments against the findings.