Australia

Conduct, Culture & Accountability

New Zealand FMA Files High Court Proceedings Against ANZ

By Editors | 07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Structural Regulation

Australia to Further Tighten Foreign Investment Approval Process

By Manesh Samtani | 07/06/2020

Under the new regime, a new “last resort power” will allow the Treasurer to force divestment on national security grounds even after approval is granted.

Anti-Money Laundering

Westpac Concludes Internal Probe into AML/CTF Failures

By Manesh Samtani | 04/06/2020

Westpac said its IFTI non-reporting was due to a mix of technology and human errors dating back to 2009. Governance failures and unclear compliance accountabilities were also identified.

Structural Regulation

ESMA Clarifies Transparency Rules, Position Limits for Non-EU Venues

By Editors | 04/06/2020

ESMA has clarified its application of post-trade transparency requirements and the position limits regime to third-country trading venues.

Capital Adequacy

Bank Resilience to be Tested in the Coming Months: RBNZ

By Editors | 29/05/2020

Under the RBNZ’s ‘very severe’ stress test scenario, banks would fall below minimum regulatory capital, requiring “significant recovery responses” to avoid resolution options.

Capital Adequacy

Using Capital Buffers Not As Easy As Hoped: APRA Chair

By Editors | 28/05/2020

Market expectations of bank capital levels and the knowledge that capital will eventually need to be rebuilt make it difficult for banks to dip into their buffers.

Structural Regulation

Australia Eases Disclosure Rules to Prevent Opportunistic Class Actions

By Editors | 27/05/2020

Heightened uncertainty amid the Covid-19 crisis exposes companies to the threat of opportunistic class actions if their earnings forecasts are found to be inaccurate.

Anti-Money Laundering

Are Criminals Winning at Covid-19? Not Without a Fight

By Editors | 27/05/2020

Advances in digital identification technology can mitigate the unpleasant rise in pandemic-related financial crime. A top regulator, banker and lawyer join forces with Refinitiv to discuss how.

Conduct, Culture & Accountability

APRA Blamed for Scrapped Class Action Against IOOF

By Editors | 26/05/2020

A Quinn Emanuel class action “was no longer in the interests of group members to continue” following last year’s dismissal of APRA’s lawsuit against IOOF.