Australia

AML / KYC

Australians Lost a Record A$851mn to Scams Last Year: ACCC

By Ranamita Chakraborty | 09/06/2021

Investment scams accounted more than a third of total losses, followed by romance scams and payment redirection scams as the next biggest categories.

Capital / Liquidity

APRA Proposes Phased Approach to New Credit Risk Reporting Standard

By Manesh Samtani | 09/06/2021

An interim and simplified reporting standard will apply while ADIs develop their capabilities for delivering the full suite of credit risk data collected by ARS 220.0.

AML / KYC

AUSTRAC Launches Fresh Probes into Australian Casinos

By Ranamita Chakraborty | 07/06/2021

AUSTRAC has launched enforcement investigations into Crown Perth, The Star Sydney and SkyCity Adeliade over their dealings with high-risk customers and PEPs.

AML / KYC

AUSTRAC Launches Formal Probe into NAB Over AML Breaches

By Sanday Chongo Kabange | 07/06/2021

AUSTRAC said it is not considering civil penalty proceedings at this stage, a decision made based on the work undertaken by NAB to date.

AML / KYC

AUSTRAC Publishes Guidance on Detecting Cuckoo Smurfing

By Manesh Samtani | 07/06/2021

The guidance offers indicators to help financial services firms identify and report suspicious transactions related to cuckoo smurfing.

APRA Publishes New Guide on Using New Data Collection Platform

By Editors | 06/06/2021

The guide provides comprehensive information to assist users in accessing, navigating and using APRA Connect.

Fintech / Regtech

RBA to Modernise Identity, Access Management Capabilities

By Ranamita Chakraborty | 04/06/2021

The RBA has issued a tender request inviting firms to supply it technology to enhance its identity and access management capabilities.

Securities / Derivatives

Australia Considers Additional Rules for Litigation Funders

By Ranamita Chakraborty | 02/06/2021

The government will consider capping fees and the introduction of a minimum rate of return for class action members.

Capital / Liquidity

APRA Sets Out Timeline for Finalisation of Capital Reforms

By Editors | 02/06/2021

The final prudential standards will be released in November, the final prudential practice guides in Q2 2022, and the final version of the interim reporting standards in Q3 2022.