Australia

AML / KYC

RBNZ Takes Court Action Against TSB Bank for AML Failures

By Editors | 27/05/2021

The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.

Market Infrastructure

ASIC Proposes Updates to Modernise ePayments Code

By Sanday Chongo Kabange | 25/05/2021

ASIC proposes to add flexibility to the code to allow it to tailor data requests based on priorities and issues of concern.

Crypto / Digital Assets

Australia: Senate Committee to Probe ‘Debanking’ of Fintechs

By Ranamita Chakraborty | 25/05/2021

The government needs to better understand the policy issues which may be leading to debanking so that they can be addressed, said Senator Andrew Bragg.

Securities / Derivatives

APRA Mulls Changes to Super Fund Rules on Spending, Investing

By Ranamita Chakraborty | 19/05/2021

APRA is considering rules that could limit super fund spending on advertising and memberships, as well as changes to the prudential standard on investment governance.

Enforcement

ASIC Fines Macquarie Securities A$126,000 Over Algorithm Failure

By Editors | 19/05/2021

Macquarie Securities was meant to conduct a share buyback for a client via ordinary trading, but the trade went through ASX Centre Point, a dark market.

Capital / Liquidity

APRA Asks Banks to Improve RNIV Reporting & Capitalisation

By Editors | 19/05/2021

APRA says it has observed weaknesses in banks’ Risks-not-in-VaR frameworks and inconsistencies in the calculation of the capital add-ons applied.

Market Infrastructure

APRA Sets Launch Dates for New Data Collection Tool

By Editors | 18/05/2021

The test environment will be available from 17 June and production environment from 13 September. ADIs have to maintain BEAR information in APRA Connect from September.

New Zealand Enhances Voluntary Retirement Savings Scheme

By Ranamita Chakraborty | 17/05/2021

The government has announced changes to the KiwiSaver default providers, among other changes to enhance the financial wellbeing of locals in retirement.

Australia to Allow SMEs to ‘Pause’ Recovery of Tax Debt in Dispute

By Editors | 13/05/2021

Applying to the Administrative Appeals Tribunal to pause the ATO’s debt recovery actions will save small businesses on court and legal fees.