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Structural Regulation
CPA Australia Calls for Reforms to ASIC Funding Model
By Editors | 15/02/2021
The accounting body has asked the government to consider the adoption of a partial cost-recovery model for ASIC to ease the burden on the financial industry.
Anti-Money Laundering
AFP Charges Australian Man in Money Mule Recruitment Case
By Editors | 15/02/2021
The man is accused of recruiting individuals to unwittingly serve as money mules to launder the proceeds of crime in return for a commission.
Structural Regulation
ASIC Outlines Approach to Regulating Superannuation Trustees
By Editors | 14/02/2021
ASIC’s Jane Eccleston says trustees of non-public offer funds need to apply for an AFS licence or vary their existing licences by 30 April 2021.
Anti-Money Laundering
Australian Court Jails Car Wash Owner for Money Laundering
By Editors | 14/02/2021
The man used express cash deposit facilities at Perth bank branches to help launder more than A$5.6mn for an alleged criminal syndicate.
Fraud, Scams & Cybercrime
AFCA Compels NAB to Repay Scammed Customers – Report
By Editors | 10/02/2021
The bank had to repay over A$200,000 to an elderly couple after it was unable to produce records showing it had warned them about a cryptocurrency scam.
Credit Risk
RBNZ to Reintroduce LVR Restrictions to Contain Risk
By Editors | 10/02/2021
Deputy governor Geoff Bascand says the financial stability risks now exceed those foreseen at the time of the RBNZ’s consultation in December.
Credit Risk
Australia Passes Mandatory Comprehensive Credit Reporting Bill
By Editors | 07/02/2021
Banks will have to report expanded information about the credit history of their customers to credit agencies, paving the way for more competition in the lending market.
Climate Risk
ASIC to Consider Enforcement Action for Climate Risk Disclosure Failures
By Ranamita Chakraborty | 07/02/2021
ASIC says the law requires climate risk to be included in OFR disclosures, particularly when it is a material risk that could affect financial performance.
Emerging Prudential Risks
Australian Financial System Remains Fundamentally Sound: APRA
By Editors | 07/02/2021
APRA chair Wayne Byres says the banking, insurance and superannuation sectors were able to act as shock absorbers for the rest of the economy amid the Covid-19 pandemic.
Liquidity Risk
RBA Unexpectedly Announces Extension of QE Programme
By Editors | 03/02/2021
The RBA’s first-ever quantitative easing programme was due to expire in mid-April. It will now be extended until at least October.
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