Australia

ASIC Eases Financial Advice Rules to Facilitate Super Withdrawals

By Editors | 15/04/2020

Under ASIC relief, advice providers, tax agents and superannuation trustees are allowed to advise consumers on early withdrawals of their superannuation savings.

AML / KYC

Westpac Expects to Pay A$900m Over AML Breaches

By Editors | 14/04/2020

While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.

Enforcement

ASIC Shifts Focus to Ensure Market Integrity, Protect Consumers

By Editors | 14/04/2020

Covid-19 has raised the risk of significant consumer harm and serious breaches of financial services laws, says ASIC chair James Shipton.

Australia Commences Coronavirus SME Guarantee Scheme

By Editors | 12/04/2020

The 50% government guarantee under the scheme enables lenders to offer loans to SMEs “cheaply and more freely compared to ordinary business loans”.

New Zealand: Mortgage Deferrals Will Not Impair Credit Ratings

By Editors | 10/04/2020

Banks have agreed with credit reporting agencies that customers who defer mortgage repayments due to Covid-19 will not have their credit ratings downgraded.

Enforcement

UPDATED – ASIC Commences Legal Proceedings For False Advertising

By Editors | 09/04/2020

ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.

AML / KYC

HSBC Reports Possible AML Breaches at Australian Subsidiary

By Editors | 08/04/2020

Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.

Enforcement

Australia: 10yr Jail Term Imposed for Superannuation Misappropriation

By Editors | 08/04/2020

The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.

APRA Suspends Issuance of New Licenses

By Editors | 08/04/2020

Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.