Australia

Capital / Liquidity

RBNZ Final Capital Rules Require Banks to Raise NZ$20bn

By Garima Chitkara | 06/12/2019

New Zealand’s big four banks will have to increase capital to 18% of RWAs, and smaller banks to 16% of RWAs. Seven years will be given to implement the changes.

Market Infrastructure

APRA Proposes Overhaul of Bank Data Transparency Norms

By Garima Chitkara | 06/12/2019

APRA, in a letter to the industry, has proposed plans for classifying all data collected from banks for its quarterly publications to be considered non-confidential and publishable.

Enforcement

ASIC Files Criminal Charges Against Ex-APRA Manager for False Documents

By Editors | 06/12/2019

The former APRA senior manager has been criminally charged for providing false documents to the regulator while serving as CEO of a credit union.

ASIC Bans Cold Call Selling of Life Insurance, CCI Products

By Editors | 05/12/2019

The ban on unsolicited cold-call sales of direct life and consumer credit insurance follows a A$700,000 penalty against CBA’s CommInsure for hawking offences.

Crypto / Digital Assets

ASIC Takes Legal Action Against Unregistered SMSF Scheme Operators

By Editors | 05/12/2019

Investors were encouraged to roll superannuation monies into a self-managed super fund to invest – by way of a loan – in an unregistered scheme operated a former AMP adviser.

Superannuation Advice to Members ‘Generally Appropriate’: ASIC

By Garima Chitkara | 04/12/2019

ASIC’s survey of 25 superannuation funds found that close to half of them followed best interest duty rules in the provision of financial advice to members.

AML / KYC

New Zealand Police Releases AML/CTF Assessment

By Editors | 04/12/2019

NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime

AML / KYC

Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements

By Editors | 04/12/2019

Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.

APRA Releases Practice Guide for Super Performance Reviews

By Editors | 03/12/2019

The business performance review requirement requires an RSE licensee to undertake a holistic assessment of its performance across its business operations, services and product offerings.