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Capital Adequacy
RBNZ Final Capital Rules Require Banks to Raise NZ$20bn
By Garima Chitkara | 06/12/2019
New Zealand’s big four banks will have to increase capital to 18% of RWAs, and smaller banks to 16% of RWAs. Seven years will be given to implement the changes.
Market Data & Technology
APRA Proposes Overhaul of Bank Data Transparency Norms
By Garima Chitkara | 06/12/2019
APRA, in a letter to the industry, has proposed plans for classifying all data collected from banks for its quarterly publications to be considered non-confidential and publishable.
Structural Regulation
Philippine Bourse Proposes Tightening of Delisting Rules
By Editors | 06/12/2019
Under the proposed rules, a voluntary delisting must be approved by all independent directors and by stockholders owning at least 75 percent of the total outstanding listed shares.
Fraud, Scams & Cybercrime
ASIC Files Criminal Charges Against Ex-APRA Manager for False Documents
By Editors | 06/12/2019
The former APRA senior manager has been criminally charged for providing false documents to the regulator while serving as CEO of a credit union.
Conduct, Culture & Accountability
ASIC Bans Cold Call Selling of Life Insurance, CCI Products
By Editors | 05/12/2019
The ban on unsolicited cold-call sales of direct life and consumer credit insurance follows a A$700,000 penalty against CBA’s CommInsure for hawking offences.
Fraud, Scams & Cybercrime
ASIC Takes Legal Action Against Unregistered SMSF Scheme Operators
By Editors | 05/12/2019
Investors were encouraged to roll superannuation monies into a self-managed super fund to invest – by way of a loan – in an unregistered scheme operated a former AMP adviser.
Conduct, Culture & Accountability
Superannuation Advice to Members ‘Generally Appropriate’: ASIC
By Garima Chitkara | 04/12/2019
ASIC’s survey of 25 superannuation funds found that close to half of them followed best interest duty rules in the provision of financial advice to members.
Anti-Money Laundering
New Zealand Police Releases AML/CTF Assessment
By Editors | 04/12/2019
NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime
Anti-Money Laundering
Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements
By Editors | 04/12/2019
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
Operational Risk
APRA Releases Practice Guide for Super Performance Reviews
By Editors | 03/12/2019
The business performance review requirement requires an RSE licensee to undertake a holistic assessment of its performance across its business operations, services and product offerings.
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