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Enforcement
ASIC, Volkswagen Financial Services Settle Responsible Lending Case
By Sanday Chongo Kabange | 19/10/2020
Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.
AML / KYC
Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico
By Manesh Samtani | 18/10/2020
Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.
Market Infrastructure
Australian Regulators Prescribe Open Access to ASX Clearing Services
By Manesh Samtani | 18/10/2020
According to sources, the guidance was issued to prevent ASX Clear from imposing requirements on NSX with respect to the standards of its listed companies.
AML / KYC
AUSTRAC Decides Against Afterpay Regulatory Action
By Editors | 15/10/2020
Afterpay has uplifted its AML/CTF compliance framework and financial crime function, and completed all remediation necessary to ensure compliance.
Market Infrastructure
Australian Regulators Urge Adherence to ISDA IBOR Fallbacks
By Editors | 14/10/2020
The ISDA IBOR fallbacks protocol and supplement were informed by extensive consultation with industry, including in Australia.
Almost Half of Deferred Loans Resume Repayments: ABA
By Editors | 14/10/2020
The ABA says 45% of deferred mortgages and 41% of small and medium business loans that had been deferred are back to making regular loan repayments.
Securities / Derivatives
SGX, NZX Seek Partnership to Fuel Growth in Dairy Derivatives
By Editors | 14/10/2020
The partnership with SGX will help NZX to unlock and accelerate growth in liquidity and market scale in its dairy derivatives market.
Capital / Liquidity
APRA to Align Prudential Standards with IAIS ComFrame
By Editors | 13/10/2020
APRA has designated QBE Insurance Group as an internationally active insurance group, which will promote coordination with other international supervisors.
AML / KYC
AUSTRAC Publishes Financial Crime Guide on Illegal Wildlife Trade
By Manesh Samtani | 11/10/2020
The guide offers indicators FIs can use in profiling and transaction monitoring to target, identify and stop financial transactions associated with illegal wildlife trafficking.
Securities / Derivatives
Australia to Assist Cambodia in Capital Markets Development
By Editors | 11/10/2020
The Australian government will provide technical assistance to develop a regulatory framework and market capacity for investment in infrastructure.
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