Australia

AML / KYC

APRA, AUSTRAC to Engage Regtechs on Solution Development

By Editors | 08/03/2019

APRA and AUSTRAC plan to directly engage and share information with regtech firms to aid in their development of solutions that can help regulated entities comply with reporting obligations.

Enforcement

ASIC to Automate Detection of Misleading Advertising Through AI

By Editors | 05/03/2019

ASIC is looking to engage with regtech firms to develop systems that use artificial intelligence to detect misleading advertising and spot disclosure problems in financial advice.

Capital / Liquidity

APRA Unveils 2019 Policy Agenda in New Paper

By Editors | 03/03/2019

Much of the focus will be on lifting industry standards on governance, remuneration, and the management of non-financial risks, said APRA chair Wayne Byres.

Enforcement

ABA to Amend Code of Practice to Implement Hayne Recommendations

By Editors | 01/03/2019

The Australian Banking Association will implement 7 Royal Commission recommendations through amendments to the Banking Code of Practice.

Capital / Liquidity

Australian Financial Sector Needs Stronger Systemic Risk Oversight – IMF

By Editors | 26/02/2019

Among other findings, the report notes the need for additional investment in data and analytical tools to strengthen prudential supervision and systemic risk oversight.

Enforcement

Westpac Faces Class Action for Irresponsible Lending

By Editors | 26/02/2019

Westpac has vowed to fight the claim, saying it takes its responsible lending obligations very seriously. But it could face a multi-million-dollar settlement if other borrowers join the class action.

AML / KYC

AUSTRAC Trials Reporting Automation through Smart Contracts

By Editors | 26/02/2019

The proof of concept project commenced in December 2018 and aims to help reporting entities automate the reporting of international funds transfers to AUSTRAC.

Enforcement

Australia Passes Law Enhancing Whistleblower Protections

By Editors | 22/02/2019

The law expands the whistleblower definition, extends protections for those who report misconduct, and requires companies to have a whistleblower policy.

Enforcement

ASIC Finalises HSBC’s 2016 Enforceable Undertaking

By Editors | 21/02/2019

Under HSBC Australia’s remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.