Australia

Enforcement

Australian Charged With Insider Trading Over Diamond Discovery

By Editors | 13/04/2021

The man traded while in possession of inside information relating to a diamond discovery by Lonrho Mining in Africa in 2012.

AML / KYC

RBNZ Establishes Standalone Enforcement Department

By Ranamita Chakraborty | 13/04/2021

The new department will work to incentivise and manage prudent behaviour as well as hold institutions to account for non-compliance.

Enforcement

ASIC Seeks Penalties from Westpac Over Credit Insurance Sales

By Editors | 12/04/2021

ASIC says Westpac debited premiums for consumer credit insurance from customers who did not agree to purchase the products.

Enforcement

Australian Court Orders Penalty Against CBA for Overcharged Interest

By Editors | 10/04/2021

CBA was ordered to pay A$7mn for a systems error that resulted in over 1,500 customers being charged a higher interest rate on overdraft accounts.

Securities / Derivatives

SGX, NZX Sign Partnership on Dairy Derivatives

By Editors | 10/04/2021

NZX intends to delist its suite of dairy derivatives contracts from the NZX Derivatives Market and relist equivalent contracts on SGX.

AML / KYC

Sydney Court Jails Man for Cryptocurrency Money Laundering

By Sanday Chongo Kabange | 08/04/2021

The man used other people’s identities to set up accounts with a cryptocurrency provider, which he used to withdraw stolen bitcoin.

APRA Approves Westpac Plan to Strengthen Risk Governance

By Editors | 07/04/2021

The integrated plan outlines a comprehensive program of work to enhance Westpac’s risk culture and risk governance.

Enforcement

ASIC Launches Legal Action Against CBA for Overcharging Customers

By Editors | 06/04/2021

ASIC says CBA incorrectly charged monthly access fees to customers who were entitled to fee waivers between June 2010 and September 2019.

ABA Updates Guidelines on Preventing Elder Abuse

By Ranamita Chakraborty | 06/04/2021

The ABA is calling on governments across Australia to establish consistent power of attorney laws across the country and a national POA register.