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AML / KYC
Westpac Expected to Reveal New AML Provisions in Annual Report
By Editors | 09/10/2019
The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.
ABA Backs Proposal for Bank-Funded Financial Counselling
By Editors | 07/10/2019
A review of Australia’s financial counselling sector has recommended that the big four banks fund half of the initial contributions immediately needed to expand delivery of such services.
Securities / Derivatives
ASX Consults on Changes to Treasury Bond Futures Roll
By Editors | 07/10/2019
A new consultation paper outlines four options for changes to the roll structure and order management functionality for the 3 and 10 Year Treasury Bond Futures contracts.
Market Infrastructure
RBNZ Proposes Enhanced Oversight Role in Cash System
By Editors | 04/10/2019
In a new consultation paper, the RBNZ proposes legislative changes that would allow it to take on a more active monitoring and coordination role in the cash system.
Capital / Liquidity
RBNZ to Issue Final Decisions on Bank Capital in December
By Editors | 04/10/2019
RBNZ deputy governor Geoff Bascand says the central bank will review the amount of capital, what form it takes, and the allowed transition period before final decisions are made.
Market Infrastructure
Australia Commissions Review of Retirement Income System
By Editors | 02/10/2019
The review has sparked concerns about whether superannuation could be made voluntary, amid guarantee increases until 2025 that may end up squeezing workers’ wages.
Enforcement
NAB Sets Aside Additional Remediation Provisions
By Editors | 02/10/2019
Combined with what has already been set aside, the new A$832mn in provisions for customer-related remediation brings total provisioning to over A$2bn.
Market Infrastructure
ASIC Review Finds Non-financial Risk Oversight Lacking
By Editors | 02/10/2019
ASIC says the boards of listed companies need to review their governance practices and accountability structures to ensure effective management of non-financial risks.
Fintech / Regtech
ACCC Selects Ten Firms to Test Open Banking Data-Sharing
By Editors | 01/10/2019
The ten companies will work with Australia’s big four banks to test the data-sharing ecosystem through open banking APIs in the lead up to open banking’s official launch in February.
Securities / Derivatives
FMA Issues Draft Guidance on Responsible Investment
By Editors | 30/09/2019
New Zealand’s FMA is seeking feedback on how responsible investment products should be described, labelled and promoted to investors.
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