Australia

Enforcement

ASIC Launches Suit Against CBA Units Over Compliance Failures

By Editors | 01/03/2021

Commonwealth Bank said the issues arose from errors such as IT system coding or systems issues, human error and/or data entry errors.

AML / KYC

NZ Real Estate Agent Reprimanded for AML Non-Compliance

By Editors | 01/03/2021

Property Brokers Limited is required to take immediate action to rectify all areas of non-compliance and will continue to be closely monitored by DIA officials.

Australia Passes Bill to Recover ‘Lost’ Superannuation for Members

By Manesh Samtani | 01/03/2021

Accounts transferred from Eligible Rollover Funds to the ATO will be proactively reunited with members’ superannuation accounts within 28 days.

Fintech / Regtech

Westpac Announces New Partner in Digital Banking Push

By Ranamita Chakraborty | 01/03/2021

Westpac and SocietyOne have signed a partnership expand digital banking services to customers in the second quarter of this year.

Australia Launches ‘Buy Now Pay Later’ Code of Conduct

By Ranamita Chakraborty | 27/02/2021

The code makes AFCA membership compulsory and incorporates ASIC’s new design and distribution obligations regime.

Enforcement

ASIC Files Charges Against Allianz, AWP Over False Advertising

By Editors | 27/02/2021

Allianz faces a maximum penalty of A$8mn for each of seven charges for making false or misleading statements regarding the sale of travel insurance products.

Enforcement

ASIC Commences Legal Proceedings Against NAB Over Unlawful Fees

By Editors | 27/02/2021

ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.

Australia Launches Review of AFCA’s Functions, Performance

By Editors | 25/02/2021

The Treasury will ascertain whether AFCA is operating effectively and achieving its objectives, and whether there is a need for a mechanism for reviewing the substance of its decisions.

Enforcement

ASIC Offers Immunity to Market Misconduct Whistleblowers

By Editors | 25/02/2021

Under ASIC’s new immunity policy, individuals who have engaged with others to commit market misconduct offences can seek immunity by reporting the misconduct.