Australia

Market Abuse

Prosecutors Drop Criminal Cartel Case Against Citi, Deutsche

By Editors | 13/02/2022

Australia’s top prosecutor concluded that there were no longer reasonable prospects of convicting Citigroup, Deutsche Bank and four former executives.

Anti-Money Laundering

Australia Senate Introduces Tranche 2 Reform Bill, Again

By Manesh Samtani | 13/02/2022

The bill, if passed, will help fulfill a nearly 16-year-old commitment to bring gatekeeper professions within Australia’s AML regime, and require the establishment of a public UBO register.

Anti-Money Laundering

In Conversation With Nathan Newman, AUSTRAC

By Bradley Maclean | 11/02/2022

Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.

CBDCs

RBNZ to Commence Design Work on CBDC Proof of Concept

By Mark Johnston | 10/02/2022

Governor Adrian Orr said falling behind other central banks is “not an option” and the RBNZ will soon begin POC design and testing for a CBDC.

Fraud, Scams & Cybercrime

ASIC Facing Resistance from Banks on Anti-Scam Measures – Report

By Editors | 09/02/2022

ASIC reportedly decided against including scam prevention as part of its ePayments Code review as a result of “fierce pushback” from major banks.

Trading & Investment

Australia: Senate Committee Recommends Quick Passage of CCIV Bill

By Editors | 07/02/2022

The Senate Economics Committee acknowledged “overwhelming support” for the CCIV legislation and recommended it be passed “as soon as practicable”.

Anti-Money Laundering

AUSTRAC Issues Guidance on Identifying Forced Sexual Servitude

By Editors | 07/02/2022

New financial crime guide provides practical advice to enable banks, businesses, and other FIs to identify and report potential cases of forced sexual servitude.

Emerging Prudential Risks

RBA Announces End to Quantitative Easing Programme

By Editors | 06/02/2022

RBA governor Philip Lowe suggests the central bank plans to maintain rather than shrink the size of its balance sheet.

Data Privacy

Australia to Expand CDR Across Financial Services Sectors

By Mark Johnston | 04/02/2022

The government will assess which datasets to prioritise across the non-bank lending, merchant acquirer, superannuation and insurance sectors.