Australia

Capital / Liquidity

APRA Proposes Banks Maintain Higher Self-securitised Assets

By Editors | 15/07/2021

APRA proposes that banks maintain at least 30 percent of their LCR Net Cash Outflows in self-securitised assets, separate from that used as collateral for the CLF.

AML / KYC

New Zealand to Update AML/CFT Regulations

By Editors | 14/07/2021

Reporting entities will have to conduct customer due diligence on nominee directors and nominee general partners of companies, among other changes.

APRA Wants Banks to Be Ready for Potential Negative Rates

By Ranamita Chakraborty | 14/07/2021

APRA proposes to introduce new expectations for banks requiring them to prepare for scenarios where interest rates fall to zero or turn negative.

ABA Commissions Review of Banking Code of Practice

By Ranamita Chakraborty | 13/07/2021

The review seeks input on whether CDR laws provide adequate data protection and how effective the Code has been in supporting consumers during Covid-19.

AML / KYC

NZ Issues AML/CFT Advisory On Sight Unseen Property Purchases

By Ranamita Chakraborty | 13/07/2021

Sight unseen real estate purchases are an attractive method of money laundering and terrorism financing, the Department of Internal Affairs says.

Fintech / Regtech

New Zealand to Establish Consumer Data Right Framework

By Ranamita Chakraborty | 12/07/2021

The government will look to align New Zealand’s CDR system with the Australian model, rolling it out on a sector-by-sector basis.

Enforcement

Australian Court Set to Impose First Sentences Over Bad Audits

By Editors | 11/07/2021

EC Audit and its former director are the first auditors in Australia to face criminal prosecution for failure to comply with auditing standards.

Enforcement

NZ FMA Cancels Fund Manager Licence for ‘Material’ Breaches

By Editors | 11/07/2021

Fund Managers Otago incorrectly calculated and disclosed returns in fund updates and entered into prohibited related party transactions, among other breaches.

Crypto / Digital Assets

RBNZ to Consult on Potential CBDC Issuance

By Sanday Chongo Kabange | 08/07/2021

The RBNZ plans to consult on broad concepts of money and cash stewardship, the potential for a CBDC, and issues arising from crypto assets and stablecoins.