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Enforcement
ASIC Initiates Civil Penalty Proceedings Against Former ANZ Business
By Editors | 04/11/2019
ASIC says that RI Advice Group, acquired by IOOF from ANZ last year, failed to take reasonable steps to ensure that one of its advisers, John Doyle, provided appropriate advice and acted in clients’ best interests.
Enforcement
Annual Report Shows FMA Exceeded Litigation Budget by 50pc
By Editors | 03/11/2019
The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.
Enforcement
Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months
By Editors | 31/10/2019
The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.
AML / KYC
AUSTRAC: Mutual Banks Face High Money Laundering Risk
By Editors | 31/10/2019
Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.
ASIC Extends Deadline for Super Fund Portfolio Disclosures
By Editors | 30/10/2019
The first reporting day for portfolio holdings disclosure was set for 31 December this year, but the regulations which set out how this disclosure is to be organised have not yet been made.
Fintech / Regtech
NPP Australia Unveils Roadmap for New Payments Capabilities
By Editors | 30/10/2019
The roadmap includes the development of new structured data capabilities, third party payment initiation, and the ability to link regular payments to a mobile number.
Market Infrastructure
APRA to Delay Launch of New Data Collection Solution
By Editors | 29/10/2019
APRA is reviewing its implementation approach due to the complexity and significant burden of migrating all existing collections to the new solution.
Enforcement
ASIC Wins Appeal in Westpac Super Switching Case
By Editors | 29/10/2019
The ruling could limit the ability of financial services firms to market and cross-sell investment products using the ‘general advice’ allowance under the law.
Enforcement
ASIC Imposes Additional Licence Conditions on IOOF
By Editors | 29/10/2019
ASIC granted a licence variation requested by IOOF’s investment services unit, but has decided to also impose additional licence conditions.
Market Infrastructure
New Zealand Delays Start of New Licensing Regime
By Editors | 27/10/2019
The start date is being delayed to coincide with the date new regulations needed for transitional licensing take effect.
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