Australia

AML / KYC

Australia Joins New International Tax Enforcement Alliance

By Manesh Samtani | 11/07/2018

The ‘J5’ will three global tax enforcement initiatives: cybercrime and virtual currencies, enablers of offshore tax crime, and data platforms; new alliance includes Canada, US, UK, Netherlands.

Capital / Liquidity

APRA Proposes Amendments to Mitigate Contagion Risk from Related Parties

By Manesh Samtani | 08/07/2018

Proposals include broadening the definition of related entities to include substantial shareholders and board directors, and aligning the framework with recently revised standards for large exposures to unrelated entities.

Capital / Liquidity

ASIC Proposes New Capital Regime for Market Participants

By Manesh Samtani | 08/07/2018

New minimum capital for futures and securities participants proposed at A$1m and A$0.5m, respectively; futures and securities capital rulebooks to be consolidated.

Enforcement

Two Former NAB Employees Receive Lifetime Ban for Loan Fraud

By Emma Zhou | 06/07/2018

ASIC investigation revealed the two provided false payslips and letters of employment, among other documents, in support of loan applications.

Capital / Liquidity

Australia Proposes Credit Card Lending Restrictions

By Garima Chitkara | 05/07/2018

ASIC has proposed that lenders ensure that new card consumers, or those applying to increase their credit card limit, can repay their credit card debt within three years. The proposal comes after an ASIC review found that 18.5% of Australians were struggling with credit card debt.

Enforcement

New Zealand Court Jails Ponzi Scheme Operator for 7.5 Years

By Manesh Samtani | 05/07/2018

Over 900 investors were persuaded to invest over NZ$8mn with registered foreign exchange provider BlackfortFX, though the firm did not conduct any investment activity.

AML / KYC

Tax Law Forces New Zealand Banks to Freeze Accounts

By Manesh Samtani | 04/07/2018

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.

AML / KYC

CBA Faces Investor Class Action

By Garima Chitkara | 04/07/2018

The Commonwealth Bank of Australia is being sued by a class of investors backed by large institutional investors in Australia, Europe and North America for disclosure failures that artificially inflated the bank’s share price.

Market Infrastructure

NZX Lacking in Market Surveillance Obligations – FMA

By Manesh Samtani | 02/07/2018

New Zealand FMA says information provided by NZX surveillance team was below its expectations and questions the market operator’s ability to detect misconduct; NZX to recruit additional resources to resolve the issue.