Australia

Enforcement

ASIC Issues Update on Advice Compensation Paid by Banks

By Editors | 16/02/2021

Australia’s largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.

Big Picture

Australia Super Industry Calls for Better Cybersecurity Standards

By Ranamita Chakraborty | 16/02/2021

The industry is overwhelmingly in favour of introducing baseline cybersecurity standards and improving the regulatory framework to address industry-specific risks.

ESG / Sustainability

Superannuation Funds to Face Greater Scrutiny in 2021: APRA

By Ranamita Chakraborty | 15/02/2021

To improve member outcomes, APRA will focus on strengthening its prudential framework, sharpening supervision, improving data and enhancing transparency.

Market Infrastructure

CPA Australia Calls for Reforms to ASIC Funding Model

By Editors | 15/02/2021

The accounting body has asked the government to consider the adoption of a partial cost-recovery model for ASIC to ease the burden on the financial industry.

AML / KYC

AFP Charges Australian Man in Money Mule Recruitment Case

By Editors | 15/02/2021

The man is accused of recruiting individuals to unwittingly serve as money mules to launder the proceeds of crime in return for a commission.

Enforcement

ASIC Outlines Approach to Regulating Superannuation Trustees

By Editors | 14/02/2021

ASIC’s Jane Eccleston says trustees of non-public offer funds need to apply for an AFS licence or vary their existing licences by 30 April 2021.

AML / KYC

Australian Court Jails Car Wash Owner for Money Laundering

By Editors | 14/02/2021

The man used express cash deposit facilities at Perth bank branches to help launder more than A$5.6mn for an alleged criminal syndicate.

Crypto / Digital Assets

AFCA Compels NAB to Repay Scammed Customers – Report

By Editors | 10/02/2021

The bank had to repay over A$200,000 to an elderly couple after it was unable to produce records showing it had warned them about a cryptocurrency scam.

Capital / Liquidity

RBNZ to Reintroduce LVR Restrictions to Contain Risk

By Editors | 10/02/2021

Deputy governor Geoff Bascand says the financial stability risks now exceed those foreseen at the time of the RBNZ’s consultation in December.