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RBNZ Reviews Policy for Branches of Overseas Banks
By Editors | 21/10/2021
The RBNZ says there are inherent limitations on its ability to apply its regulatory standards to all branches and to supervise them effectively.
Market Infrastructure
APRA Issues Updated Guidance on New Remuneration Standards
By Sanday Chongo Kabange | 21/10/2021
The guidance has been updated to align with the Financial Accountability Regime and provide additional examples of better practices to help entities transition smoothly.
AML / KYC
AUSTRAC Seizes Star Casino Files in Money Laundering Probe
By Sanday Chongo Kabange | 20/10/2021
AUSTRAC is reported to be building a case against Star Entertainment Group over alleged shortcomings in its AML/CTF controls.
Enforcement
Australian Court Fines Colonial First State for Misleading Members
By Editors | 19/10/2021
The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.
FMA Sets Target Dates for Financial Advice Licensing
By Editors | 19/10/2021
Transitional licences under the new financial advice regime will expire on 16 March 2023. Providers are asked to apply for full licences ahead of time.
ESG / Sustainability
RBA Warns of Divestment Risk Amid Climate Change Threat
By Sanday Chongo Kabange | 19/10/2021
While there are currently only isolated examples of divestment from Australia because of climate risk, the likelihood of more significant divestment is increasing.
Enforcement
NZ FMA Censures Jarden Securities for Client Money Breaches
By Editors | 19/10/2021
OM Financial, which amalgamated with Jarden in March 2021, transfered its own money into the trust account designated to hold investor money.
Crypto / Digital Assets
ASIC Seeks Extension of CFD Product Intervention Order to 2031
By Sanday Chongo Kabange | 18/10/2021
ASIC says there were 45 percent fewer loss-making retail client accounts and losses were smaller as a result of its October 2020 product intervention order.
FMA Finalises Guidance on Advertising of Financial Products
By Sanday Chongo Kabange | 17/10/2021
The FMA will take action against false, misleading, deceptive or confusing advertising, depending on the severity and level of misconduct.
Market Infrastructure
APRA Concludes Pilot Risk Culture Survey With 10 Insurers
By Editors | 15/10/2021
Based on responses from almost 7,200 insurance employees, APRA found some of the lowest scores in risk governance and controls.
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