Australia

Enforcement

Australian Court Orders Penalty Against CBA for Overcharged Interest

By Editors | 10/04/2021

CBA was ordered to pay A$7mn for a systems error that resulted in over 1,500 customers being charged a higher interest rate on overdraft accounts.

Securities / Derivatives

SGX, NZX Sign Partnership on Dairy Derivatives

By Editors | 10/04/2021

NZX intends to delist its suite of dairy derivatives contracts from the NZX Derivatives Market and relist equivalent contracts on SGX.

AML / KYC

Sydney Court Jails Man for Cryptocurrency Money Laundering

By Sanday Chongo Kabange | 08/04/2021

The man used other people’s identities to set up accounts with a cryptocurrency provider, which he used to withdraw stolen bitcoin.

APRA Approves Westpac Plan to Strengthen Risk Governance

By Editors | 07/04/2021

The integrated plan outlines a comprehensive program of work to enhance Westpac’s risk culture and risk governance.

Enforcement

ASIC Launches Legal Action Against CBA for Overcharging Customers

By Editors | 06/04/2021

ASIC says CBA incorrectly charged monthly access fees to customers who were entitled to fee waivers between June 2010 and September 2019.

ABA Updates Guidelines on Preventing Elder Abuse

By Ranamita Chakraborty | 06/04/2021

The ABA is calling on governments across Australia to establish consistent power of attorney laws across the country and a national POA register.

New Zealand Ends Loan Repayment Deferral Scheme

By Editors | 05/04/2021

Banks are continuing to work with borrowers who still need help to get back on track, says NZBA chief executive Roger Beaumont.

Enforcement

ASIC Bans Sale of Binary Options to Retail Clients

By Editors | 05/04/2021

The binary options ban will take effect from 3 May. A separate order imposing conditions on the issue and distribution of CFDs to retail clients has taken effect on 29 March.

AML / KYC

Australia Lags Regional Peers on DNFBP Regulation: Report

By Manesh Samtani | 03/04/2021

Australia is sending a message to financial criminals around the world that its lawyers, accountants and property market are open for business.