Australia

Emerging Prudential Risks

RBNZ Concludes First Consultation on Monetary Policy Remit

By Editors | 18/10/2022

Many respondents felt climate change should not be included in monetary policy decision-making, and that the RBNZ should increase its emphasis on price stability.

Anti-Money Laundering

NSW Regulator Imposes Max Penalty on Casino Giant The Star

By Editors | 18/10/2022

Casino giant The Star has been fined A$100mn and had its licence in NSW suspended due to its failure to prevent money laundering at its Sydney casino.

Cryptocurrency

ASIC Places Interim Stop Orders on Three Crypto Funds

By Editors | 17/10/2022

Holon has disclosed the risk that assets in the three funds could face a total loss of value. ASIC considers the funds not suited to the “wide target market” defined in the TMDs.

Structural Regulation

Australia’s First Islamic Bank Prepares for Limited Launch

By Editors | 14/10/2022

Customers will be charged rent while living under the bank’s share of a property, rather than paying interest.

Payments & Settlements

RBA Suffers, and Recovers from, Four-Hour Outage

By Editors | 14/10/2022

The outage disrupted real-time and overnight payments routed through the NPP, causing a backlog of transactions which the RBA is working to clear.

Operational Risk

APRA Orders RACQ to Uplift Risk, Compliance Frameworks

By Editors | 12/10/2022

APRA identified issues with RACQ’s risk and compliance framework and practices, unclear accountabilities, and an “immature risk culture”.

Reporting & Disclosures

ASIC is Investigating Firms for Possible Greenwashing

By Editors | 12/10/2022

The investigations involve super fund trustees, listed companies and one managed fund. Net-zero claims are a key area facing scrutiny.

Conduct, Culture & Accountability

New Zealand: Conduct Issues Result in Remediation Worth NZ$150m

By Editors | 08/10/2022

Conduct issues in the life insurance and banking sectors resulted in over NZD 43 million and NZD 109 million in customer remediation, respectively.

Operational Risk

APRA Asks Super Trustees to Improve Outsourcing Arrangements

By Editors | 08/10/2022

APRA expects all trustees to evaluate and improve their processes for selecting, monitoring and overseeing outsourcing arrangements.