Australia

AML / KYC

AUSTRAC Publishes Guidance on Geographical Link Test

By Editors | 21/10/2021

The geographical link test helps firms that provide designated services determine whether they have AML/CTF obligations in Australia.

RBNZ Reviews Policy for Branches of Overseas Banks

By Editors | 21/10/2021

The RBNZ says there are inherent limitations on its ability to apply its regulatory standards to all branches and to supervise them effectively.

Market Infrastructure

APRA Issues Updated Guidance on New Remuneration Standards

By Sanday Chongo Kabange | 21/10/2021

The guidance has been updated to align with the Financial Accountability Regime and provide additional examples of better practices to help entities transition smoothly.

AML / KYC

AUSTRAC Seizes Star Casino Files in Money Laundering Probe

By Sanday Chongo Kabange | 20/10/2021

AUSTRAC is reported to be building a case against Star Entertainment Group over alleged shortcomings in its AML/CTF controls.

Enforcement

Australian Court Fines Colonial First State for Misleading Members

By Editors | 19/10/2021

The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.

FMA Sets Target Dates for Financial Advice Licensing

By Editors | 19/10/2021

Transitional licences under the new financial advice regime will expire on 16 March 2023. Providers are asked to apply for full licences ahead of time.

ESG / Sustainability

RBA Warns of Divestment Risk Amid Climate Change Threat

By Sanday Chongo Kabange | 19/10/2021

While there are currently only isolated examples of divestment from Australia because of climate risk, the likelihood of more significant divestment is increasing.

Enforcement

NZ FMA Censures Jarden Securities for Client Money Breaches

By Editors | 19/10/2021

OM Financial, which amalgamated with Jarden in March 2021, transfered its own money into the trust account designated to hold investor money.

Crypto / Digital Assets

ASIC Seeks Extension of CFD Product Intervention Order to 2031

By Sanday Chongo Kabange | 18/10/2021

ASIC says there were 45 percent fewer loss-making retail client accounts and losses were smaller as a result of its October 2020 product intervention order.