Australia

Enforcement

Australia: Former Financial Adviser Jailed for Six Years

By Sanday Chongo Kabange | 04/08/2020

Graeme Walter Miller was sentenced to six years’ imprisonment for misappropriating close to A$2mn for his own purposes.

Market Infrastructure

Australia Consults on Reforms to Foreign Investment Framework

By Editors | 03/08/2020

Foreign investors will face national security checks regardless of the value of their investments, subject to enhanced monitoring, investigative and enforcement powers of the Treasury.

Enforcement

ATO Commences Pilot Audit of Early Super Withdrawal Scheme

By Editors | 03/08/2020

The tax office is contacting Australians who withdrew their superannuation funds early to assess if the need was genuine, and whether they should be penalised.

NAB to Stop Dealing with Unlicensed Debt Management Companies

By Sanday Chongo Kabange | 02/08/2020

NAB says it wants to ensure vulnerable customers are appropriately and professionally supported, either directly by the bank or an accredited representative of their choice.

ASIC Tightens Timeframe for Complaints Handling in Financial Sector

By Editors | 30/07/2020

Superannuation trustees have 45 days to respond to a complaint, compared to 90 days previously. Other financial services and credit providers have 30 days.

Market Infrastructure

Reserve Bank of New Zealand Bill Introduced in Parliament

By Editors | 30/07/2020

The Bill focuses on reforming RBNZ’s overall institutional, governance, accountability, and funding arrangements, effectively updating 30-year-old legislation.

Capital / Liquidity

APRA Moderates Approach to Bank Dividends in New Guidance

By Editors | 29/07/2020

Banks should retain at least half of their earnings when making capital distribution decisions, which should be informed by regular stress testing to demonstrate ongoing lending capacity.

Securities / Derivatives

New Zealand FMA Warns Derivatives Issuers to Ensure Compliance

By Sanday Chongo Kabange | 29/07/2020

Self-assessments by derivatives issuers have identified risks stemming from the way they handle client money, provide advice to retail clients, and handle vulnerable customers.

AML / KYC

Westpac Issues Update on Threshold Transaction Reporting Issues

By Editors | 28/07/2020

Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.