Australia

AML / KYC

AUSTRAC Questioned on Handling of Drug Money Case

By Editors | 21/03/2021

AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.

RBA Makes Plea for Banks to Ease Approach to SME Lending

By Sanday Chongo Kabange | 21/03/2021

The RBA’s Christopher Kent says banks have tightened lending standards for SMEs, charging them more and imposing more restrictive terms on their loans.

Enforcement

ASIC Bans Director, Account Managers at FX Broker

By Editors | 21/03/2021

Clients were pressured to deposit funds into their trading accounts, engage in high-risk trading, and delay or cancel withdrawal requests.

APRA Updates Cyber Insurance Reporting Requirements

By Ranamita Chakraborty | 18/03/2021

APRA has adopted a recommendation to extend the timeframe for full implementation, saying it will facilitate a more effective process without materially impacting its objectives.

Crypto / Digital Assets

Australia to Expand Scope, Length of Fintech Select Committee

By Editors | 18/03/2021

The FinTech Select Committee’s mandate has been extended from an April deadline to October 2021. A report on its work programme is expected in April.

Market Infrastructure

RBA Keeping ‘Close Eye’ on LIBOR Transition Progress

By Manesh Samtani | 18/03/2021

Firms should not wait for a term RFR or credit-spread adjustments to reference in non-derivatives products, says RBA assistant governor Christopher Kent.

Capital / Liquidity

APRA to Update Licensing Approach for New Banking Entrants

By Editors | 18/03/2021

The proposed approach will support newly licensed banks so they are better equipped to succeed, according to APRA Deputy Chair John Lonsdale.

Enforcement

Australia Considers Legislation to Make Boards Liable for Cyber Risk

By Editors | 17/03/2021

Legislation currently before Parliament includes security obligations for entities responsible for critical infrastructure, a list that will be significantly expanded.

AML / KYC

Fintel Alliance Secures Win Against ‘Cuckoo Smurfing’ Syndicate

By Ranamita Chakraborty | 16/03/2021

ANZ’s link analysis capability allowed the rapid interrogation of combined banking datasets, which led to the arrests of five individuals involved in an international cuckoo smurfing syndicate.