Australia

Enforcement

ASIC Intervenes to Secure Fee Refunds for Bank Customers

By Sanday Chongo Kabange | 16/07/2024

ANZ, Bendigo and Adelaide Bank, CBA and Westpac will refund over A$28mn to low-income customers who were charged inappropriately high fees.

AML / KYC

AUSTRAC to Deliver New Reporting Platform in “Coming Months”

By Editors | 15/07/2024

AUSTRAC said in 2021 that it would be replacing its reporting system. The final stage of features will be delivered in the “coming months”.

NZ Aligns Rules Across Dispute Resolution Schemes

By Editors | 14/07/2024

The maximum compensation limit is being aligned at NZ$500,000 across four financial dispute resolution schemes.

Enforcement

ANZ Under Scrutiny for Misreported Bond Trading Data

By Editors | 14/07/2024

ANZ reportedly overstated the value of government bonds it traded and amplified its ranking against peer banks.

Market Infrastructure

FAR Guidance Finalised for Insurance, Superannuation Industries

By Sanday Chongo Kabange | 12/07/2024

ASIC and APRA have completed the total package of guidance materials for the Financial Accountability Regime.

Australia AGD Moves to Reform Bankruptcy Law

By Sanday Chongo Kabange | 12/07/2024

Attorney-General Mark Dreyfus said the amendments would ensure a fairer outcome for debtors in the personal insolvency system.

Sanctions

New Zealand Announces New Russia-related Sanctions

By Editors | 12/07/2024

The sanctions target Russian weapons manufacturers, as well as the supply of Iranian drones and North Korean weapons to Russia.

Crypto / Digital Assets

ASX Commences Trading in Second Spot Bitcoin ETF

By Editors | 12/07/2024

The ETF is managed by DigitalX Limited in partnership with K2 Asset Management and Canadian firm 3iQ.

AML / KYC

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.