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Emerging Prudential Risks
RBNZ to Gradually Unwind QE Programme Starting in July
By Ranamita Chakraborty | 24/02/2022
Rather than sell bonds back into the secondary market, the RBNZ will sell them to the Treasury at a pace of NZD 5 billion each fiscal year.
Capital Adequacy
RBNZ Consults on Dual Reporting Requirements for IRB Banks
By Sanday Chongo Kabange | 22/02/2022
The RBNZ plans to bring dual reporting requirements into effect from 1 July 2022, requiring IRB banks to also disclose RWA outcomes based on the standardised approach.
Fraud, Scams & Cybercrime
Australian Court Orders Super Trustee to Pay A$20m
By Editors | 22/02/2022
Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.
Operational Risk
APRA Offers Guidance on Managing Compliance Risk
By Sanday Chongo Kabange | 22/02/2022
APRA wants regulated entities to give compliance risk management the same attention they give to cyber risk, operational risk management and other risk classes.
KYC & CDD
AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks
By Editors | 22/02/2022
The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.
Market Data & Technology
APRA Proposes to ‘Sharply’ Increase Superannuation Transparency
By Sanday Chongo Kabange | 21/02/2022
APRA plans to start publishing new aggregate industry, fund-level and product-level statistics on superannuation from June.
Anti-Money Laundering
AUSTRAC Orders Bell Financial to Address AML Compliance Issues
By Editors | 17/02/2022
An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.
Conduct, Culture & Accountability
Advice Compensation Paid by Aussie Majors Tops A$3b
By Editors | 16/02/2022
As at end-2021, Australia’s major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.
Structural Regulation
Australia to Further Refine Foreign Investment Regime
By Editors | 16/02/2022
The government is seeking views on further refinements to the foreign investment framework to ensure it remains fit for purpose.
Data Privacy
Australia Commences Review of Consumer Data Right
By Editors | 16/02/2022
The review will explore the extent to which implementation of the CDR drives value for consumers, increases competition, and drives innovation in data services.
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