Australia

    Enforcement

    ASIC Reports Widespread Fee Disclosure Failures at AFS Licensees

    By Editors | 03/12/2019

    ASIC’s review found widespread non-compliance with fee disclosure obligations across a sample of AFS licensees and their representatives, suggesting an industry-wide problem.

    ASIC, APRA Ink Updated MoU to Enhance Collaboration

    By Editors | 02/12/2019

    The updated MoU was a royal commission recommendation to enable more proactive engagement between the two regulators.

    Enforcement

    CBA’s CommInsure Penalised A$700,000 for Hawking Offences

    By Editors | 29/11/2019

    The penalty follows last week’s guilty plea from CommInsure for conducting insurance sales by phone, where the customers had not requested to be contacted.

    Capital / Liquidity

    RBNZ to Adopt More Intensive Supervisory Approach to Banking

    By Editors | 28/11/2019

    The RBNZ’s financial stability report says it will bolster bank resilience with higher capital requirements and a “more intensive supervisory approach“.

    AML / KYC

    ANZ Offers Assurances as Industry Faces AML Scrutiny

    By Editors | 28/11/2019

    As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.

    ASIC to Take ‘Facilitative Approach’ to FASEA Code Compliance

    By Editors | 27/11/2019

    ASIC has clarified its expectations of AFS licensees and financial advisers for compliance with the FASEA code starting from 1 January.

    Australia Opens Consultation for Retirement Income Review

    By Editors | 27/11/2019

    The consultation paper outlined the areas a review panel will assess to understand the adequacy, fairness, sustainability and cohesiveness of the three pillars of Australia’s retirement income system.

    AML / KYC

    AML Audit Ordered by AUSTRAC Finds Afterpay ‘Low Risk’

    By Editors | 26/11/2019

    Following AUSTRAC’s order for Afterpay to review its AML/CTF compliance in June on suspicious of breaches, an external order has found the breaches only occurred due to the poor legal advice.

    APRA Proposes Best Interests Duty for Insurance in Superannuation

    By Editors | 26/11/2019

    Superannuation funds which use related parties to deliver insurance will need to certify that the arrangements are in the best interests of members.

    AML / KYC

    UPDATED – Westpac Announces Plan to Address AML/CTF Failings

    By Editors | 26/11/2019

    Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.

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