Australia

APRA Finds Praise in Survey of Regulated Entities

By Editors | 09/09/2021

APRA’s supervision helps to protect banking, insurance and superannuation industries, say 95 percent of regulated entities.

Enforcement

Court Finds Colonial First State Engaged in Misleading Conduct

By Editors | 09/09/2021

The Federal Court found that Colonial First State misled its customers to encourage them not to transfer their superannuation to a lower cost MySuper product.

Capital / Liquidity

RBNZ Directs Banks to Correct Liquidity Management Weaknesses

By Ranamita Chakraborty | 08/09/2021

Banks have been sent a detailed list of the RBNZ’s findings and instructions to develop remediation plans and conduct assessments against the findings.

AML / KYC

AUSTRAC Releases Banking Sector Risk Assessments

By Manesh Samtani | 07/09/2021

The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.

Market Infrastructure

ASIC Issues Final Guidance on Breach Reporting Obligations

By Sanday Chongo Kabange | 07/09/2021

Licensees should have in place clear, well-understood and documented processes for identifying, recording, assessing, escalating and reporting breaches.

AML / KYC

AUSTRAC Outlines Common Reporting Mistakes – Report

By Editors | 06/09/2021

Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.

ESG / Sustainability

Australian Banks to Complete First CVA Analysis by Year-End

By Editors | 06/09/2021

APRA has released a new paper describing the Climate Vulnerability Assessment now underway at Australia’s five largest banks.

Market Infrastructure

APRA Issues Response on Bank Data Disclosure Regime

By Sanday Chongo Kabange | 04/09/2021

APRA will disclose entity-level financial position and performance data on a quarterly basis in a new publication that will launch in Q1 2023.

Market Infrastructure

ASX Consults on Tranche 3 Rule Changes for CHESS Replacement

By Editors | 04/09/2021

The changes relate to netting, settlement, reporting and other amendments. ASX plans to release the final rule changes 6 months before the April 2023 go-live.