Australia

Enforcement

Macquarie Emerges from Royal Commission Unscathed

By Manesh Samtani | 26/11/2018

Macquarie seen as the first responsible corporate role model in the nine months since banking royal commission public hearings began.

Enforcement

Restoring Trust in Financial Sector Essential for Economic Prosperity – RBA

By Manesh Samtani | 23/11/2018

Strengthening trust in Australia’s financial institutions requires better incentive systems, clearer lines of accountability and stronger penalties for misconduct, said RBA governor Philip Lowe.

Market Infrastructure

New Zealand Banks Must Address Risks from Sales-Linked Incentives – FMA

By Manesh Samtani | 19/11/2018

The FMA expects banks to change sales-linked incentives, or explain how they will strengthen controls to address the risk of inappropriate sales.

Enforcement

Australia’s Public Prosecutor Gets A$50mn to Go After Banking Misconduct

By Garima Chitkara | 19/11/2018

Australia to provide approximately A$50 million for public prosecutions and federal court to expand staff and capacity to litigate banking and financial institution misconduct cases.

Market Infrastructure

FSB Issues Progress Report on Interest Rate Benchmark Reform

By Manesh Samtani | 15/11/2018

The FSB notes progress to strengthen major IBORs and identify RFRs and other alternative reference rates, highlighting actions taken in Australia, Hong Kong and Singapore.

Capital / Liquidity

RBNZ Consults on New Mortgage Bond Standard

By Editors | 14/11/2018

The new standard aims to reduce contingency risks for the central bank as a lender of last resort and ensure financial intermediaries supply sufficient HQLA assets.

Enforcement

Australian Court Orders A$3.3mn Penalty for Westpac BBSW Misconduct

By Manesh Samtani | 11/11/2018

The penalty is far less than the combined A$125mn that NAB, ANZ and CBA paid to settle their own BBSW cases with ASIC out of court.

AML / KYC

FATF Publishes Third Enhanced Follow-up Report on Australia

By Editors | 09/11/2018

Australia has been re-rated on 7 of the 40 FATF Recommendations, reflecting the country’s progress to strengthen AML/CFT measures since its 2015 mutual evaluation.

Capital / Liquidity

APRA Proposes Higher Capital Requirements for Big Four Banks

By Manesh Samtani | 08/11/2018

The banking regulator is seeking feedback on a proposal to increase the Total Capital requirement for Australia’s D-SIBs by 4-5% of risk-weighted assets by 2023.