Australia

Enforcement

Australian Court Ratifies CBA’s BBSW Settlement

By Manesh Samtani | 25/06/2018

CBA will pay a $A5m penalty, A$15m to a financial consumer protection fund, and $A5m towards ASIC’s litigation and investigation costs; bank also agreed to enter into enforceable undertaking with ASIC.

AML / KYC

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

By Garima Chitkara | 21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

Enforcement

ASIC Releases Oversight Guidance For New Financial Complaints Body

By Garima Chitkara | 21/06/2018

Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.

Market Infrastructure

Australia Consults on Corporate Structure for Funds

By Manesh Samtani | 20/06/2018

New ‘CCIV’ structure will allow Australia asset managers to market fund products to the rest of Asia, complementing the Asia Region Funds Passport.

Enforcement

Australia Begins ‘Poor Advice’ Civil Proceedings Against Westpac

By Garima Chitkara | 18/06/2018

ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.

Market Infrastructure

Australia Completes Financial Benchmark Reform

By Garima Chitkara | 13/06/2018

Reform process completed with the passage of a licensing regime for financial benchmarks as well as new calculation methodology for key interbank rate.

AML / KYC

Foreign Tax Status Disclosures Required by New Zealand Banks

By Manesh Samtani | 07/06/2018

Banks required to report customers’ foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.

Enforcement

Gaming the System is Part of Being a Great Banker

By Peter Guy | 07/06/2018

Criminal charges brought by Australian regulators against bankers in the ANZ cartel case represent a challenge against practices traditionally considered the norm in global underwriting syndicate culture.

Market Infrastructure

ASIC Consults on ‘Foreign’ AFS Licence Proposal

By Manesh Samtani | 05/06/2018

New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.