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Payments & Settlements
APRA Grants TransferWise Licence to Directly Access NPP
By Editors | 30/11/2020
Access to Australia’s real-time payments system will enable TransferWise to reduce foreign exchange fees and wholesale banking costs.
Conduct, Culture & Accountability
ASIC Issues Guidance on Managing LIBOR-related Conduct Risk
By Editors | 30/11/2020
The new guidance is aimed at assisting entities in establishing necessary arrangements to mitigate conduct risk associated with the discontinuation of LIBOR.
Market Data & Technology
NZX to Create Industry Working Group on Capital Markets Technology
By Editors | 30/11/2020
The working group will develop a roadmap to solve for New Zealand’s lack of scale and geographic isolation through the use of technology.
Payments & Settlements
Australia, Singapore to Trial Paperless Trade Using Blockchain
By Editors | 29/11/2020
The Australian Border Force, Singapore Customs, and IMDA, as well as industry groups and financial institutions, will participate in the trial.
Conduct, Culture & Accountability
Australia Gets New Guidance for Internal Auditors in Financial Services
By Editors | 29/11/2020
The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.
Credit Risk
RBNZ to Re-instate Mortgage Lending Restrictions Early
By Editors | 29/11/2020
The RBNZ intends to re-impose LVR restrictions on high-risk lending with effect from 1 March 2021 – two months earlier than originally anticipated.
Cybersecurity
APRA Unveils Details of New Cyber Security Strategy
By Manesh Samtani | 26/11/2020
Starting next year, APRA will be asking boards to engage an external auditor to comprehensively review their compliance with CPS 234 on information security.
Anti-Money Laundering
RBNZ Investigates Two Banks Over AML Compliance
By Editors | 26/11/2020
The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.
Capital Adequacy
APRA to Integrate AASB 17 with Capital, Reporting Frameworks
By Editors | 26/11/2020
A failure to update the frameworks would result in insurers needing to maintain dual valuation, actuarial, accounting and reporting systems, APRA says.
Structural Regulation
Australia Concludes Review of Retirement Income System
By Editors | 26/11/2020
The review signals little urgency to increase compulsory employer superannuation payments, as legislated, to 12 percent by 2025.
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