Australia

Australia: ‘Perfect Storm’ of Regulatory Change Squeezing Smaller Banks

By Editors | 09/03/2020

The Customer Owned Banking Association is calling for the government to reassess the approaching wave of banking regulation, as record low interest rates squeeze margins.

RBNZ, NZBA Say Banks ‘Ready to Respond’ to Covid-19 Impacts

By Editors | 09/03/2020

The RBNZ has inquired into the risk management approaches and preparedness for COVID-19 at banks, and the responses show they are prepared, according to governor Adrian Orr.

AML / KYC

New Zealand Takes First Criminal Action Under AML/CFT Act

By Editors | 05/03/2020

A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.

Market Infrastructure

Australia: FAR Extension Out of Step with Royal Commission Proposals

By Editors | 05/03/2020

The proposed extension of the Financial Accountability Regime to ASIC-regulated firms could potentially affect 53,000 small businesses, says former ASIC official Pamela Hanrahan.

Market Infrastructure

Central Banks Act to Mitigate Covid-19 Economic Threat

By Editors | 04/03/2020

The HKMA has responded to the US rate cut with a cut of its own. The RBA and BNM have also cut their key policy rates, while the BOJ focuses on asset purchases.

AML / KYC

Australia: Pre-insolvency Adviser Gets 5 Years Jail for Money Laundering

By Editors | 02/03/2020

The adviser helped a former company director illegally remove company assets to prevent creditors from accessing them post-winding up.

Enforcement

Australia: Changes to the Banking Code of Practice Go Live

By Editors | 02/03/2020

The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.

AML / KYC

Australia: Senate Committee Backs A$10,000 Cash Ban

By Editors | 01/03/2020

A Senate committee tasked with reviewing a bill to criminalise cash transactions over A$10,000 has reportedly thrown its support behind the proposed legislation.

Market Infrastructure

ASX Finalises Changes to 3-year, 10-year Treasury Bond Futures Roll

By Editors | 27/02/2020

A consultation on the changes received 36 submissions, largely supportive of ASX’s proposals, citing reduced costs, operational efficiencies and improved order management capabilities.