Australia

Operational Risk

APRA Releases Policy, Supervision Priorities for 2021

By Editors | 01/02/2021

Priorities include updates to the prudential standards on remuneration, resolution and recovery planning, operational risk, governance and risk management.

Conduct, Culture & Accountability

ASIC Governance Review Clears Chairman of Wrongdoing

By Editors | 01/02/2021

James Shipton has temporarily returned to his role as chair, but will step down in the coming months. Treasury will search for a new chairperson.

Fraud, Scams & Cybercrime

Former NAB Executive Jailed Over Scheme to Defrauding Bank

By Editors | 01/02/2021

An events company was issuing and sending invoices to NAB and the former executive was receiving bribes to ensure they were paid.

Cybersecurity

UPDATED – KPMG Appointed to Review RBNZ Data Breach Response

By Editors | 01/02/2021

The review will seek to understand the events leading up to the breach, assess the appropriateness of the RBNZ’s response, and identify factors that contributed to the breach.

AI Risk & Governance

ASIC Sheds Light on Regtech Initiatives in New Report

By Manesh Samtani | 28/01/2021

The report highlighted the importance of good data governance, skilled data-literate staff, and human review and input when implementing regtech applications.

Structural Regulation

FMA Review Finds NZX Technology Capability Lacking

By Editors | 28/01/2021

NZX is required to develop a detailed, time-bound action plan to address the technology issues identified in a review conducted by the FMA.

Anti-Money Laundering

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.

Anti-Money Laundering

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.

Cybersecurity

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.