Australia

Enforcement

ASIC Finds Client Detriment in Review of IOOF Licensees

By Ranamita Chakraborty | 03/05/2021

In a statement, IOOF said that the advice file reviews highlighted by ASIC were already part of its existing remediation programmes of work.

AML / KYC

RBNZ Calls on Banks to Avoid De-risking Pacific Island Nations

By Ranamita Chakraborty | 03/05/2021

The RBNZ and RBA are working with Pacific Island nations to develop a regional KYC facility, to support businesses in meeting their compliance obligations.

ESG / Sustainability

APRA Chair Outlines Initiatives to Financial Sector Risks

By Sanday Chongo Kabange | 03/05/2021

APRA is piloting a risk culture survey, independent cyber security reviews, and a new data collection exercise on technology and cyber risks.

AML / KYC

AUSTRAC Issues Guidance on Filing More Effective SMRs

By Editors | 02/05/2021

The new resources include a reference guide and checklist, and feature guidance on how to write succinct, accurate and clear grounds for suspicion.

Market Infrastructure

Australia Seeks Partners to Help Develop Carbon Exchange

By Editors | 02/05/2021

Australia’s Clean Energy Regulator is seeking a partner or partners to facilitate the emergence of an exchange-traded market for carbon offset units.

Enforcement

Australian Court Charges Woman for Superannuation Fraud

By Editors | 01/05/2021

A woman is said to have submitted multiple false hardship claims on behalf of others to gain early access to A$330,000 in superannuation.

Australia: Treasury to Merge Quality of Advice, Life Insurance Reviews

By Ranamita Chakraborty | 01/05/2021

Rather than conducting two separate reviews, the quality of advice review will also consider the Life Insurance Framework as part of its wider mandate.

RBNZ, RBA, Bank of Canada Form Network to Foster Indigenous Inclusion

By Ranamita Chakraborty | 01/05/2021

Other central banks are encouraged to join the network, which will serve as a community of practice to share knowledge and foster indigenous inclusion.

Treasury Announces New Chair, Deputy Chair for ASIC

By Sanday Chongo Kabange | 01/05/2021

The Treasury also said will introduce legislation by mid-year to establish the FRAA, a new body to oversee the performance of ASIC and APRA.