Australia

Australia to Introduce Best Interests Duty for Mortgage Brokers

By Editors | 27/08/2019

Under draft legislation released by the government, mortgage brokers that fail to act in the best interests of consumers will face fines of up to A$1.05mn.

Enforcement

NAB Faces Potential A$535 Penalty for Using Unlicensed Loan Referrers

By Editors | 26/08/2019

ASIC has initiated federal court proceedings in relation to misconduct by 16 NAB bankers who accepted loan information and documentation from unlicensed introducers.

ANZ New Zealand to Review Internal Financial Reporting Processes

By Editors | 23/08/2019

The FMA has determined that ANZ should have disclosed the sale of a luxury property to its ex-CEO’s wife at below-market prices as a related party transaction.

Securities / Derivatives

ASIC Proposes Ban on Binary Options, Restrictions on CFDs

By Editors | 23/08/2019

In 2018, licensed binary options and CFD issuers made about $2bn from these products, largely attributed to retail client losses, fees and costs.

ASIC to Monitor Progress to End Conflicted Remuneration

By Editors | 22/08/2019

ASIC will investigate the steps licensed entities are taking to end grandfathered conflicted remuneration for financial advisers and whether the benefits are passed on to clients.

AML / KYC

Australia Introduces Bill to Criminalise Cash Payments Over A$10,000

By Editors | 22/08/2019

Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.

Enforcement

Former NAB Branch Manager Pleads Guilty to Fraud

By Editors | 22/08/2019

The former branch manager has already received a permanent ban from ASIC for making false and misleading statements to NAB in relation to 24 home loan applications.

Capital / Liquidity

APRA Finalises Rule Revisions on Related Entity Exposures

By Editors | 21/08/2019

The revisions may make it more difficult for banking groups to fund offshore business, and force them to restructure or reconsider the relative value of certain group operations.

Enforcement

ASIC to Initiate Legal Proceedings Against Banks Within “Weeks”

By Editors | 20/08/2019

In addition to the 13 referrals from the royal commission, ASIC has been investigating “three times as many” case studies with a view to initiating legal proceedings in the new few weeks.