Australia

Enforcement

APRA to Improve Capabilities to Combat Non-Financial Risks

By Editors | 30/08/2019

In its four-year corporate plan, APRA identifies four areas of strategic focus, including to improve cyber-resilience and governance standards in the financial sector.

APRA Finalises Rules for How Super Funds Must Assess Performance

By Editors | 29/08/2019

Starting in January, superannuation licensees will be required to perform business performance reviews to assess whether they are delivering sound, value-for-money outcomes for members.

Enforcement

ASIC Focuses on Misconduct in Four-Year Corporate Plan

By Editors | 29/08/2019

ASIC will expand its use of behavioural sciences, data and technology and position itself as a more strategic and agile regulator.

AML / KYC

AUSTRAC Campaign Targets Illegal Money Transfer Dealers

By Editors | 28/08/2019

The campaign seeks to raise community awareness of the money laundering threat that unregistered money transfer dealers pose.

Fintech / Regtech

ACCC Invites Firms to Test Open Banking Data Sharing

By Editors | 27/08/2019

The ACCC is seeking participants to help it test the data-sharing ecosystem under the consumer data right, which was passed into law earlier this month.

Enforcement

ASIC Allows AFCA to Name-and-Shame Financial Firms

By Editors | 27/08/2019

ASIC says the move will enhance transparency and accountability of firms’ performance in complaints handling, and of AFCA’s own decision-making.

Australia to Introduce Best Interests Duty for Mortgage Brokers

By Editors | 27/08/2019

Under draft legislation released by the government, mortgage brokers that fail to act in the best interests of consumers will face fines of up to A$1.05mn.

Enforcement

NAB Faces Potential A$535 Penalty for Using Unlicensed Loan Referrers

By Editors | 26/08/2019

ASIC has initiated federal court proceedings in relation to misconduct by 16 NAB bankers who accepted loan information and documentation from unlicensed introducers.

ANZ New Zealand to Review Internal Financial Reporting Processes

By Editors | 23/08/2019

The FMA has determined that ANZ should have disclosed the sale of a luxury property to its ex-CEO’s wife at below-market prices as a related party transaction.