Australia

AML / KYC

RBNZ Investigates Two Banks Over AML Compliance

By Editors | 26/11/2020

The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.

Capital / Liquidity

APRA to Integrate AASB 17 with Capital, Reporting Frameworks

By Editors | 26/11/2020

A failure to update the frameworks would result in insurers needing to maintain dual valuation, actuarial, accounting and reporting systems, APRA says.

Market Infrastructure

Australia Concludes Review of Retirement Income System

By Editors | 26/11/2020

The review signals little urgency to increase compulsory employer superannuation payments, as legislated, to 12 percent by 2025.

Market Infrastructure

NZX Formalises Role of Technology Committee in Enhancing Governance

By Editors | 26/11/2020

The specialist committee was established in April as an interim measure in response to technical issues stemming from record trading volumes.

Capital / Liquidity

RBA Speeds Up Timeline for Higher HQLA Holdings by Banks

By Editors | 25/11/2020

Initially planned to be achieved through a gradual increase until 2024, the RBA said banks can increase their holdings of HQLA to 30 percent by end-2021.

AML / KYC

AUSTRAC Reports on Fintel Alliance Efforts to Combat Criminal Threats

By Manesh Samtani | 25/11/2020

AUSTRAC has developed an algorithm that enables Fintel Alliance to detect suspicious financial patterns while protecting the privacy of underlying reporting entities and personal data.

AML / KYC

NSW Police, AUSTRAC Disrupt Money Laundering Operation

By Editors | 25/11/2020

Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June.

Market Infrastructure

APRA Finalises Revisions to EFS Reporting Standards

By Editors | 24/11/2020

Based on market feedback, the implementation date of the changes for most of the standards has been moved forward three months to the reporting period ending 30 September 2021.

Enforcement

Australian Court Fines Responsible Entity Over Product Disclosures

By Sanday Chongo Kabange | 23/11/2020

Theta Asset Management and its ex-managing director were fined a combined A$2.1mn for authorising the issue of five defective product disclosure statements.