Australia

Enforcement

CBA Becomes 7th Bank Involved in BBSW Manipulation Allegations

By Samuel Riding | 31/01/2018

Securities regulator says bank was involved in unconscionable conduct in dealing with the benchmark rate during 2012.

Enforcement

HSBC, Australian Trader Involved in Spate of US ‘Spoofing’ Cases

By Samuel Riding | 31/01/2018

HSBC’s US securities operations agree to pay $1.8bn after CFTC allegations it was involved in ‘numerous acts of spoofing’.

Enforcement

ASIC Finds Clear Bias Towards In-house WMPs at Big Banks

By Garima Chitkara | 26/01/2018

The report says 68 percent of clients are heavily invested in banks’ in-house products; advisors may face bans if conflicts of interest are not managed better.

Crypto / Digital Assets

ASIC Seeks Stronger Powers to Combat Cybercrime

By Manesh Samtani | 23/01/2018

Parliamentary submission suggests reforms allowing ASIC to assume identities on the dark web, share phone data with foreign regulators, seize electronic devices.

Capital / Liquidity

Australia Licences Seven Crowd-Funding Intermediaries

By Editors | 14/01/2018

Eligible public companies can raise up to AUD 5 million in funds through equity crowdfunding and will face fewer regulatory requirements for fundraising.

Fintech / Regtech

Australia FinTech Body Embraces Provisional Bank Licencing

By Editors | 20/12/2017

Industry body recommends increasing the deposit limit for new banking entrants, allowing more time to meet the prudential framework.

Enforcement

Australian Banks Agree New Code of Conduct

By Editors | 20/12/2017

Code of conduct, which is awaiting approval by ASIC is legally binding in contracts with consumers, bans unsolicited credit card limit increases.

AML / KYC

Commonwealth Bank Responds to AUSTRAC Allegations

By Garima Chitkara | 14/12/2017

Bank admits late filing of reports on more than 50,000 deposits into its ATMs, AUSTRAC seeking penalties for individual AML/CTF law breaches.

AML / KYC

Australia Makes Cryptocurrencies ‘Equivalent to Cash’ for AML/CTF Purposes

By Editors | 11/12/2017

**Australia joins Japan in recognising cryptocurrencies as a store of value, international transactions of $7,500 or more must be reported.
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