Australia

    Enforcement

    ASIC Charges Former MP with Fraud, Director Breaches

    By Editors | 20/07/2020

    Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

    AML / KYC

    Westpac Unveils Change Programme to Fix Risk Culture

    By Editors | 19/07/2020

    Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.

    Market Infrastructure

    Australia Mulls Measures to Establish Regional Financial Hub

    By Editors | 16/07/2020

    Australian Senator Andrew Bragg wrote to Treasurer Josh Frydenberg suggesting reforms to capitalise on Hong Kong’s recent political changes.

    Sri Lanka Relaxes Rules for Capital Inflows, Restricts Outflows

    By Duruthu E Chandrasekera | 16/07/2020

    Sri Lanka has increased the amount of foreign currency that can be physically brought into the country to be deposited into a ‘Special Deposit Account’.

    AML / KYC

    APAC Regulators Driving Digital Transformation

    By Rachel Woolley | 16/07/2020

    The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.

    Enforcement

    ASIC’s Loss to Westpac is Terrible for Everyone

    By Andy Schmulow | 11/07/2020

    Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.

    Enforcement

    ASIC Consults on Second Use of Product Intervention Power

    By Editors | 10/07/2020

    ASIC names BHF Solutions and its associate, Cigno, as two companies that enter into high-cost continuing credit contracts with retail customers without a credit licence.

    Capital / Liquidity

    APRA Outlines Expectations on Deferred Loan Management

    By Editors | 09/07/2020

    Deputy Chair John Lonsdale expects many banks will require an uplift in capabilities, processes and oversight to meet APRA’s expectations.

    Securities / Derivatives

    ASIC Directs Listed Firms to Disclose Covid-19 Impacts

    By Editors | 09/07/2020

    Firms should “tell the story” of how their businesses are impacted by the Covid-19 pandemic, including support and assistance received from government, lenders, landlords and others.

    Capital / Liquidity

    APRA Extends Regulatory Approach For Covid-19 Loan Deferrals

    By Editors | 08/07/2020

    APRA will also allow banks to treat loans restructured by 31 March 2021 as ‘performing’ for capital and regulatory reporting purposes.

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