Australia

Enforcement

New Zealand: Class Action Filed Against ANZ, ASB

By Editors | 04/10/2021

The class action reportedly involves interest and fees ANZ and ASB were not entitled to charge due to breaches of their disclosure obligations.

AML / KYC

AFP Wins First Asset Confiscation Case Under Operation Ironside

By Editors | 01/10/2021

A$6mn in cash obtained as a result of the forfeiture order will be redistributed to support crime prevention, law enforcement and related community initiatives.

APRA Prepares Measures to Rein in Housing Loan Growth

By Sanday Chongo Kabange | 01/10/2021

APRA will publish a framework for implementing macroprudential policy to rein in the housing market and curb riskier home loans.

AML / KYC

NZ FMA Toughens Approach to AML Non-Compliance

By Manesh Samtani | 30/09/2021

The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.

Securities / Derivatives

APRA Revises Investment Governance Standards for Super Funds

By Editors | 29/09/2021

A new consultation proposes enhancements to stress testing, valuation and liquidity management practices that will take effect from 1 January 2023.

Market Infrastructure

RBA Issues Recommendations to Address Risk Issues at ASX

By Editors | 29/09/2021

The RBA has asked ASX to address operational risk and governance issues, as well as develop a framework to address margin procyclicality.

AML / KYC

AUSTRAC Outlines Planned Enhancements to Reporting System

By Editors | 29/09/2021

A four-year transformation programme will introduce a “modern and intuitive user interface” and high-speed channels for file uploads, among other changes.

Big Picture

Australia Funds Industry Prone to Conflicts of Interest

By Editors | 26/09/2021

A “long, complex value chain” of intermediaries between fund managers and retail investors raises the potential for conflicts of interest.

ASIC Publishes Final Guidance on Anti Hawking Regime

By Ranamita Chakraborty | 24/09/2021

The guidance emphasises the need for firms to maintain records of consumers giving consent to be sold financial products as a way to demonstrate compliance.