Australia

Securities / Derivatives

APRA ‘Heatmaps’ to Expose Underperforming Super Funds

By Editors | 20/11/2019

The heatmap is designed to emphasise underperformance, not to be used as a peer ranking mechanism or give a pat on the back to better-performing superannuation products.

Market Infrastructure

APRA’s New Approach to Managing Non-Financial Risks

By Editors | 20/11/2019

APRA has published a new information paper setting out a tougher approach to lifting standards of governance, culture, remuneration and accountability across the financial industry.

AML / KYC

AUSTRAC Commences Legal Action Against Westpac for AML Breaches

By Editors | 20/11/2019

According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

ASIC Formalises Adviser Relief from Compliance Scheme Obligations

By Editors | 19/11/2019

The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.

Market Infrastructure

Australia Consults on Financial Market Infrastructure Regulatory Reforms

By Editors | 19/11/2019

The proposed reforms will enhance the licensing and supervisory regime for financial market infrastructures and introduce a resolution regime for clearing and settlement facilities.

Market Infrastructure

Auditor Independence Still an Issue for Audit Quality: FMA

By Editors | 18/11/2019

The key issues identified in the FMA’s Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.

Fintech / Regtech

ASX Consults on Tranche 1 Rule Changes for CHESS Replacement

By Editors | 18/11/2019

ASX is consulting on the first of three tranches of operating rule amendments required to facilitate the implementation of the CHESS replacement system in April 2021.

AML / KYC

NAB Faces Potentially Significant AML Penalties

By Editors | 18/11/2019

NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

Market Infrastructure

Exploring APAC’s Emerging Data-Intensive Regulatory Environment

By Swati Kothari | 15/11/2019

APAC’s data intensive regulatory environment is making it increasingly important for banks to adopt a strategic data framework, say Swati Kothari and Jackielou Imperial at Wolters Kluwer.