Australia

Market Infrastructure

Pandemic Provides Key Lessons on Outsourcing Risk: APRA

By Ranamita Chakraborty | 24/02/2021

Speaking at a virtual event hosted by GARP, APRA’s Sean Carmody said the pandemic highlighted financial industry dependencies on certain third-party providers.

AML / KYC

Australian Police Charge Man for Crypto Related Money Laundering

By Editors | 23/02/2021

Police say the Sydney man directed “money launderers for hire” to convert nearly A$5.5mn of cash into bitcoin on his behalf.

Enforcement

Targeted Product Intervention to Lead to ‘Less Regulation’: ASIC

By Ranamita Chakraborty | 22/02/2021

Commissioner Sean Hughes said ASIC will only need to intervene when there are signs of harm and misconduct, emphasising the checks and balances in place.

AML / KYC

New Report Identifies 11 Indicators of Modern Slavery Risk

By Editors | 22/02/2021

Based on an analysis of globally prosecuted cases of modern slavery, FairSupply Analytics has identified 11 indicators to help FIs detect modern slavery.

ABA Outlines Plans for Next Phase of Pandemic Support

By Ranamita Chakraborty | 21/02/2021

No customer is going to wake up the day after 31 March and find that there is some legal action being taken by their bank on their loan, said ABA CEO Anna Bligh.

Securities / Derivatives

Australia Finalises Changes to Continuous Disclosure Laws

By Ranamita Chakraborty | 20/02/2021

The changes will discourage opportunistic class actions and protect companies from liability unless their officers have acted with “knowledge, recklessness or negligence”.

AML / KYC

Australian Banks Facilitate Arrest of Phishing Tool Developer

By Ranamita Chakraborty | 19/02/2021

The developer of a phishing kit used to steal tens of millions of dollars from bank accounts in 11 countries has been arrested in Ukraine.

ESG / Sustainability

Australia Introduces ‘Your Future, Your Super’ Bill to Parliament

By Editors | 19/02/2021

Industry bodies ISA and AIST say the legislation doesn’t go far enough and are pushing for the legislation to be reviewed by a Senate Committee.

Big Picture

BEAR Has Brought Desired Culture Changes at Banks: Research

By Ranamita Chakraborty | 18/02/2021

New research from Macquarie University has found that the BEAR has changed behaviour and culture at banks for the better.