Australia

AML / KYC

AUSTRAC Consults on AML/CTF Rules for Phase 1.5 Reforms

By Editors | 28/01/2021

The amendments will update rules on correspondent banking and customer due diligence to reflect legislative changes passed in December.

AML / KYC

Australian Police Arrest Dutch National on Money Mule Charges

By Editors | 27/01/2021

The 22-year-old was used to receive funds stolen from Australian bank accounts by a cybercrime syndicate before he transferred it overseas with Bitcoin.

Market Infrastructure

ASIC Data System Illegally Accessed by Malicious Attacker

By Editors | 25/01/2021

The affected server was being used to share documents associated with recent credit licence applications, though no forms or attachments are believed to have been accessed.

RBA Report Contradicts Official Stance on Responsible Lending Laws

By Editors | 21/01/2021

An RBA internal report indicates that the absence of responsible lending laws could put borrowers at greater risk, particularly in a low interest rate environment.

APRA Issues Second Consultation on Insurance in Superannuation

By Editors | 21/01/2021

Submissions in the previous consultation sought further clarification on the proposed changes, which are aimed at improving member outcomes.

AML / KYC

Australian Border Force Disrupts Money Laundering by Drug Cartels

By Editors | 20/01/2021

9 Australian and 7 international banks were used to launder A$500mn in illegal profits from the drug trade between 2014 and 2017.

AML / KYC

Lessons Learned From APAC’s Landmark Year of AML Fines

By Payal Patel | 19/01/2021

Drawing from landmark penalties in 2020, FINTRAIL’s Payal Patel and Sara Abbasi identify key lessons to help financial institutions guard against financial crime.

Fintech / Regtech

Australia: Xinja Bank Completes Return of Customer Deposits

By Sanday Chongo Kabange | 19/01/2021

Australian neobank Xinja announced in December that would be exiting the market, just 15 months after receiving its licence.

Securities / Derivatives

New Zealand FMA Consults on Wholesale Investors Exclusion

By Editors | 17/01/2021

The notice under review exempted offerors of certain financial products from having to provide normal disclosures to investors whose minimum investment is NZ$750,000 or more.