Australia

AML / KYC

New Zealand Court Penalises TBS Bank for AML Breaches

By Editors | 31/08/2021

The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.

APRA Confirms Approach to New Credit Risk Reporting Standard

By Sanday Chongo Kabange | 31/08/2021

APRA will proceed with implementation of the interim ARS 220.0 commencing 1 January 2022, despite feedback indicating its approach presented a burden for ADIs.

Fintech / Regtech

Australia Payments System Review Exposes Regulatory Gaps

By Sanday Chongo Kabange | 31/08/2021

The review recommends enhancing the government’s powers to protect the payments system. A single, integrated licensing framework for payment services should also be introduced.

13 Super Funds Fail APRA’s First Performance Test

By Sanday Chongo Kabange | 31/08/2021

If the failing super funds do not improve in next year’s test they will have to transfer their members to funds that deliver better outcomes.

Australian Govt Freezes ASIC Levy for Financial Advisers

By Editors | 31/08/2021

Treasury will  review the ASIC Industry Funding Model to ensure it remains fit for purpose amid structural changes taking place in the advice industry.

Market Infrastructure

ACCC Opens Competition Inquiry Into NAB-Citigroup Deal

By Sanday Chongo Kabange | 30/08/2021

The ACCC has asked interested parties to submit their views regarding NAB’s proposed acquisition of Citigroup’s Australian consumer banking business by 13 September.

Market Infrastructure

APRA Focuses on Resilience in Updated Corporate Plan

By Sanday Chongo Kabange | 30/08/2021

APRA will look to enhance resilience in the financial system, including cyber resilience, while also transforming governance, risk-culture, remuneration and accountability.

Market Infrastructure

APRA Finalises Prudential Standard on Remuneration

By Manesh Samtani | 29/08/2021

The prudential standard on remuneration will come into effect from 1 January 2023 initially for the largest and most complex ADIs.

Enforcement

ASIC Prioritises Economic Recovery in New Corporate Plan

By Ranamita Chakraborty | 26/08/2021

ASIC’s key external priorities for the next four years include the economy, innovation, consumer harm, cyber resilience, and industry readiness for regulatory reforms.