Australia

AML / KYC

Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements

By Editors | 04/12/2019

Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.

APRA Releases Practice Guide for Super Performance Reviews

By Editors | 03/12/2019

The business performance review requirement requires an RSE licensee to undertake a holistic assessment of its performance across its business operations, services and product offerings.

Enforcement

ASIC Reports Widespread Fee Disclosure Failures at AFS Licensees

By Editors | 03/12/2019

ASIC’s review found widespread non-compliance with fee disclosure obligations across a sample of AFS licensees and their representatives, suggesting an industry-wide problem.

ASIC, APRA Ink Updated MoU to Enhance Collaboration

By Editors | 02/12/2019

The updated MoU was a royal commission recommendation to enable more proactive engagement between the two regulators.

Enforcement

CBA’s CommInsure Penalised A$700,000 for Hawking Offences

By Editors | 29/11/2019

The penalty follows last week’s guilty plea from CommInsure for conducting insurance sales by phone, where the customers had not requested to be contacted.

Capital / Liquidity

RBNZ to Adopt More Intensive Supervisory Approach to Banking

By Editors | 28/11/2019

The RBNZ’s financial stability report says it will bolster bank resilience with higher capital requirements and a “more intensive supervisory approach“.

AML / KYC

ANZ Offers Assurances as Industry Faces AML Scrutiny

By Editors | 28/11/2019

As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.

ASIC to Take ‘Facilitative Approach’ to FASEA Code Compliance

By Editors | 27/11/2019

ASIC has clarified its expectations of AFS licensees and financial advisers for compliance with the FASEA code starting from 1 January.

Australia Opens Consultation for Retirement Income Review

By Editors | 27/11/2019

The consultation paper outlined the areas a review panel will assess to understand the adequacy, fairness, sustainability and cohesiveness of the three pillars of Australia’s retirement income system.