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AML / KYC
New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities
By Editors | 14/05/2019
The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.
Market Infrastructure
FMA, NZX Seek Public Views on Capital Markets Development Plan
By Editors | 10/05/2019
New Zealand’s Financial Markets Authority and the NZX are seeking public input on a 10 year plan to develop the nation’s capital markets.
Market Infrastructure
Australia Seeks Mandatory Carbon Risk Reporting by 2021
By Editors | 10/05/2019
A green political party in Australia has announced a new policy that will make carbon risk reporting mandatory for banks, insurers, super funds and the largest listed companies in 2021.
Market Infrastructure
Australian Regulators Urge Action on LIBOR Transition
By Editors | 10/05/2019
Firms should be aware of the size and nature of their LIBOR exposures, put in place robust fall-back provisions in LIBOR contracts, and be taking action to transition to alternative rates.
ESG / Sustainability
Climate Change a Major Financial Risk, say APRA, ASIC
By Editors | 09/05/2019
“Ultimately there will only be one form of finance, and that will be green finance,” said APRA head of insurance Geoff Summerhayes at the ACSI annual conference.
Crypto / Digital Assets
ASX Opens Testing Environment for CHESS Replacement
By Editors | 08/05/2019
ASX has made available the first of seven ‘drops’ of software code, with additional functionality set to be released at eight-week intervals.
Market Infrastructure
Australia: Banking Misconduct Drives Search for RegTech Remedies
By Jeffrey Kupfer | 08/05/2019
Australia may emerge as a world-leader in RegTech adoption as a remedy to banking culture and misconduct issues, say Jeff Kupfer and Stephen Scott at Starling Trust.
Big Picture
Technology Driven Changes Afoot in the Australian Banking Sector
By Garima Chitkara | 07/05/2019
Open banking, digital banking, cloud-based infrastructure and RegTech are the key drivers of technology-led change in the Australian banking sector, according to S&P Global Ratings.
Australia Cracks Down on Cryptocurrency Tax Evasion
By Editors | 03/05/2019
The Australian Taxation Office is collecting data from cryptocurrency exchanges to feed into its data-matching technology to identify tax evaders.
Enforcement
Westpacs Provision Extra A$510mn for Customer Remediation
By Editors | 02/05/2019
Misconduct linked to the issues identified by the royal commission could cost Australia’s four largest banks up to A$10bn.
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