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Enforcement
AIA New Zealand Faces Penalty for Misleading Customers
By Ranamita Chakraborty | 01/08/2021
AIA’s remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.
AML / KYC
AUSTRAC Consults on AML/CTF Rule Amendments
By Editors | 31/07/2021
The amendments allow FIs to carry out ACIP on a customer after an account is opened, provided the initial deposit is the only transaction made at opening.
Enforcement
Australia: BT, Asgard Fined for Charging Fees for No Service
By Sanday Chongo Kabange | 30/07/2021
Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
Market Infrastructure
ASX Launches Compression Service for OTC Derivatives
By Ranamita Chakraborty | 30/07/2021
In recent years, demand for compression services has risen as market participants look to lower capital costs associated with balance sheet-intensive derivatives.
Market Infrastructure
NZ FMA Issues Cyber Resilience Guidance for Financial Advisers
By Sanday Chongo Kabange | 30/07/2021
Under New Zealand’s new financial advice regime, many individuals and entities have not previously been subject to compliance obligations for cybersecurity.
Enforcement
ASIC Files Suit Against AMP Over Superannuation Fees
By Editors | 30/07/2021
AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.
Crypto / Digital Assets
Australia: Industry Body Seeks Greater Clarity on Crypto Regulation
By Sanday Chongo Kabange | 30/07/2021
Blockchain Australia has asked for safe harbour to be provided to ensure regulatory action will not be taken against crypto businesses where the law is unclear.
Market Infrastructure
ASX to Replace Standard Definitions for Interest Rate Swaps
By Editors | 29/07/2021
From 4 October, all OTC interest rate derivatives contracts will be treated as if they incorporated the new 2021 ISDA Definitions.
Market Infrastructure
ASIC Faces Pushback for Higher Financial Advice Levies
By Ranamita Chakraborty | 29/07/2021
The FPA says the formula ASIC uses to estimate the industry funding levy for financial planners is not equitable or sustainable and must be reviewed immediately.
Enforcement
NZ FMA Censures FoxPlan Over Unpermitted Financial Advice
By Sanday Chongo Kabange | 28/07/2021
FoxPlan representatives misrepresented to clients that they were an authorised financial advisers or financial planners when they were not.
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