Australia

Enforcement

Australian Bank Conduct Code to be Compulsory

By Editors | 28/03/2018

Code being considered by ASIC will be binding, with self-regulatory body given power to investigate misdemeanours and issue sanctions.

Fintech / Regtech

Australia, UK to Enable Cross Market Sandbox Participation

By Manesh Samtani | 25/03/2018

Under the enhance cooperation agreement, the FCA and ASIC will speed up cross-market authorisations and testing for innovative businesses.

AML / KYC

New Zealand: $970mn Laundered Each Year

By Editors | 21/03/2018

Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.

Capital / Liquidity

APRA Approves ING Bank Internal Models for Credit, Market Risk

By Editors | 20/03/2018

ING Bank joins Australia’s ‘big five’ banks in using internal models to calculate regulatory capital requirements.

Enforcement

Cyber Threats Top ASIC Agenda

By Samuel Riding | 19/03/2018

Australian securities regulator warns on ‘malicious cybercrime’; says surveillance of OTC markets will be another 2018 priority.

Enforcement

ASIC Mandates Banks’ Further Removal of Unfair Loans Terms

By Editors | 17/03/2018

New guidance ensures bank staff are held responsible for conduct and statements outside of formal contracts; removes borrower’s liability in the event of lender misconduct.

Enforcement

Australia’s Royal Commission Hears Bribery Allegations

By Garima Chitkara | 15/03/2018

NAB staff allegedly falsified documents to achieve home loan targets, branch managers colluded with loan introducers to manipulate incentive schemes.

Capital / Liquidity

Basel Committee Publishes Follow-up Reports on Basel III Implementation

By Manesh Samtani | 13/03/2018

The Committee also published an assessment handbook and self-assessment questionnaire to help member jurisdictions prepare for future RCAP assessments.

AML / KYC

Credit Reporting Regime Must Be Fair: ABA

By Editors | 09/03/2018

Banking association says new regime needs a way to flag special circumstances in credit histories to prevent discrimination against customers.