Australia

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.

AML / KYC

Commonwealth Bank Agrees to A$700m Penalty for AML Breaches

By Manesh Samtani | 04/06/2018

AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.

Enforcement

Citi, Deutsche, ANZ Face Criminal Cartel Charges in Australia

By Garima Chitkara | 04/06/2018

Citigroup, Deutsche Bank and ANZ are facing criminal charges in Australia after an investigation revealed cartel behaviour in the trading of ANZ stock.

Market Infrastructure

New Zealand Publishes Revised Code of Banking Practice

By JP Reimann | 04/06/2018

New code promises fair treatment, clear communication, customer privacy, responsible lending, effective complaints handling.

Enforcement

Systemic Enquiry into Financial System Not Required – New Zealand Regulators

By Garima Chitkara | 31/05/2018

RBNZ, FMA say so far no reason to conduct systemic investigation of financial industry’s conduct and culture; banks’ efforts at improving institutional conduct and culture will continue to be monitored.

AML / KYC

Australia Consults on Cash Payment Limits

By Garima Chitkara | 28/05/2018

Government proposes limit of A$10,000 for cash payments to stamp out illegal payments and black economy; transactions exceeding limit must use electronic payments systems or cheques.