Australia

Australian Makes Tax Relief for Merging Super Funds Permanent

By Editors | 16/05/2020

Financial Services Council chief Sally Loane welcomed the move, but expressed disappointment with changes that may create another tax compliance burden for managed funds.

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

By Editors | 16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.

Securities / Derivatives

ASIC Withdraws Trading Limits Imposed on Equity Market Participants

By Editors | 14/05/2020

Trading restrictions imposed in March due to an abnormally large increase in trades executed have been revoked following processing enhancements by market operators.

Securities / Derivatives

New Zealand to Nearly Double FMA Funding Over Three Years

By Editors | 14/05/2020

The FMA’s funding is being increased over three years to minimise the burden on the financial sector entities who pay levies, where most of the new funding will come from.

Enforcement

ASIC Secures Remediation for Junk Insurance Sales by Banks

By Editors | 14/05/2020

ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.

Market Infrastructure

RBNZ Announces Expansion of Asset Purchase Programme

By Editors | 14/05/2020

The RBNZ’s bond-buying programme will be capped at NZ$60bn, up from the NZ$33bn announced in March. Government inflation-indexed bonds are also now included.

AML / KYC

ATO to Run Additional Checks to Prevent Superannuation Fraud

By Editors | 12/05/2020

Australia’s superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.

Fintech / Regtech

ACCC, OAIC Outline Enforcement Approach to Data Rights Breaches

By Editors | 11/05/2020

A ‘strategic risk-based approach’ to compliance and enforcement has been adopted, focusing on building consumer confidence in the security and integrity of the Consumer Data Right system.

Market Infrastructure

Australia Defers All Royal Commission Commitments by Six Months

By Editors | 09/05/2020

In line with the Treasury’s announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.