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AML / KYC
Australian Senate to Launch Inquiry into DNFBP Regulation
By Manesh Samtani | 24/06/2021
The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.
ESG / Sustainability
Australian Regulators Flag Concerns Over Household Debt Risks
By Ranamita Chakraborty | 24/06/2021
APRA has written to large banks seeking assurances that lending standards are being maintained to prevent a buildup of risk in housing loan portfolios.
AML / KYC
Australia DTA Consults on Digital ID Expansion Plans
By Ranamita Chakraborty | 24/06/2021
The consultation will facilitate the introduction of legislation to expand access to the digital identity system to private sector entities.
Capital / Liquidity
NZ FMA Unimpressed With Liquidity Practices at Funds
By Manesh Samtani | 24/06/2021
The FMA says liquidity stress tests are not being performed frequently enough and fund managers do not have sufficient liquidity management tools.
Australian Senate Approves Landmark Superannuation Reforms
By Ranamita Chakraborty | 22/06/2021
The reforms will enable easier comparison of super funds and block underperforming funds from gaining new members, among other changes.
Market Infrastructure
Australian Police to Establish Ransomware Taskforce
By Ranamita Chakraborty | 22/06/2021
The new taskforce will enable the Australian police to have a more unified approach to pursue ransomware attackers.
AML / KYC
‘Tranche 1.5’ AML Reforms Take Effect in Australia
By Editors | 20/06/2021
AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.
Capital / Liquidity
RBNZ Finalises 7-Year Roadmap for Higher Bank Capital
By Manesh Samtani | 18/06/2021
The minimum total capital requirement for banks will increase 9% from 1 July 2024. Banks will also be expected to hold a ‘Prudential Capital Buffer’.
AML / KYC
NAB Contract Workers Received Little AML Training: Report
By Ranamita Chakraborty | 17/06/2021
The revelation comes follows AUSTRAC’s launch of a formal enforcement investigation into NAB earlier this month.
Capital / Liquidity
ASIC Enhances Capital Rules for Securities, Futures Firms
By Sanday Chongo Kabange | 17/06/2021
Securities market participants must hold core capital of at least A$500,000, up from A$100,000 currently required. One year is given for compliance.
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