Australia

Data Privacy

ACCC Issues First Penalty for CDR Breach Against BOQ

By Sanday Chongo Kabange | 14/07/2022

This is the first infringement notice the ACCC has issued for an alleged breach of the CDR rules as BOQ pays penalty.

Fraud, Scams & Cybercrime

Australian Banks Introduce Dynamic CVV to Reduce Card Fraud

By Editors | 14/07/2022

Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.

Structural Regulation

Australia to Explore Unintended Impacts of Super Reforms

By Editors | 12/07/2022

In light of the upcoming review, the government will pause a planned extension of APRA’s performance tests beyond MySuper products for 12 months.

Anti-Money Laundering

RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

By Editors | 11/07/2022

A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

Trading & Investment

Australia Reviews Impact of 2020 Ban on LIC Stamping Fees

By Editors | 07/07/2022

Two years ago, the government banned LICs and LITs from paying stamping fees to AFS licensees for help secure investors for capital raisings.

Trading & Investment

FMA Proposes Guidance for Advising on IPOs, Listed Equity

By Editors | 07/07/2022

The guidance explains the FMA’s approach to applying and enforcing Code Standard 3 of the Code of Professional Conduct for Financial Advice Services.

Conduct, Culture & Accountability

APRA Proposes Enhanced Disclosures on Remuneration, Risk Metrics

By Editors | 07/07/2022

APRA proposes to require FIs to publicly disclose how their remuneration arrangements are designed and how risk is factored into remuneration outcomes for key executives.

Trading & Investment

ASIC Issues Guidance on Using Superannuation Forecasting tools

By Editors | 07/07/2022

Under the retirement income covenant, superannuation trustees are expected to consider providing superannuation calculators or retirement estimates to members.

Anti-Money Laundering

Puerto Rico Forces Closure of Bank Involved in Global Tax Probe

By Manesh Samtani | 06/07/2022

Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.