Australia

AML / KYC

AUSTRAC Order A$250,000 Fine Against Compass Global Holdings

By Editors | 11/09/2019

AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.

Securities / Derivatives

KiwiSaver Reform is Key to Boosting NZ Capital Markets: Report

By Editors | 10/09/2019

Sponsored by the FMA and NZX, an industry working group has recommended changes to the KiwiSaver scheme, saying it will become the predominant pool of retirement savings over time.

Capital / Liquidity

APRA, RBNZ Approaches to Bank Capital Incompatible

By Editors | 10/09/2019

Citi banking analyst Brendan Sproules says APRA and the RBNZ “are pursuing radically contrasting approaches to bank sector capital adequacy”.

Enforcement

ASIC Sues Regional Banks Over Unfair Loan Contracts

By Editors | 05/09/2019

ASIC says the terms in Bank of Queensland and Bendigo and Adelaide Bank loan contracts could cause detriment to small businesses.

Enforcement

Enforcement Actions Will Be Publicised, APRA Clarifies

By Editors | 04/09/2019

Publicising enforcement actions gives the community confidence that financial institutions are being held to account when they do the wrong thing, said APRA deputy chair John Lonsdale.

Market Infrastructure

ACCC Calls for Lower Fees, More Competition in FX Services

By Editors | 03/09/2019

An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.

Market Infrastructure

ASX to Streamline Transfers to CHESS Subregister

By Editors | 02/09/2019

ASX will remove a requirement for settlement-only participants to receive and provide a registrable transfer document for transfers, but will require validation checks.

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.