Australia

Operational Risk

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.

Trade Based Money Laundering

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.

Anti-Money Laundering

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.

Resolution & Recovery

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.

Structural Regulation

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.

Anti-Bribery & Corruption

Australian Police Make Arrest as Part of Foreign Bribery Probe

By Editors | 12/01/2021

The arrest is part of an investigation by UK, US and Australian authorities into the payment of bribes to officials in Iraq and other countries to secure oil contracts.

Cybersecurity

RBNZ Data System Illegally Accessed by Malicious Attacker

By Editors | 10/01/2021

Commercially and personally sensitive information may have been accessed by malicious attackers who accessed a third-party file-sharing service used by the RBNZ.

Structural Regulation

ASIC Approves Variations to Banking Code of Practice

By Editors | 10/01/2021

The changes extend the Covid-19 Special Note for six months to September 2021, and amend definitions to bring more small businesses into scope.

Liquidity Risk

APRA Announced Further Reduction in Committed Liquidity Facility

By Editors | 06/01/2021

If outstanding government securities continue to increase beyond 2021, the CLF may no longer be required in the foreseeable future, APRA says.