Australia

Enforcement

Australian Banks Agree New Code of Conduct

By Editors | 20/12/2017

Code of conduct, which is awaiting approval by ASIC is legally binding in contracts with consumers, bans unsolicited credit card limit increases.

AML / KYC

Commonwealth Bank Responds to AUSTRAC Allegations

By Garima Chitkara | 14/12/2017

Bank admits late filing of reports on more than 50,000 deposits into its ATMs, AUSTRAC seeking penalties for individual AML/CTF law breaches.

AML / KYC

Australia Makes Cryptocurrencies ‘Equivalent to Cash’ for AML/CTF Purposes

By Editors | 11/12/2017

**Australia joins Japan in recognising cryptocurrencies as a store of value, international transactions of $7,500 or more must be reported.
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Capital / Liquidity

Australia to Kick off Long-awaited Royal Commission into Financial Sector

By Editors | 04/12/2017

Inquiry to look into alleged misconduct in financial sector welcomed by banks, securities regulator, but not superannuation scheme operators.

Enforcement

Australian Securities Regulator Fines VW Financing Arm

By Editors | 30/11/2017

Move hints at increasing global concern that car finance, fuelled by low interest rates, could be source of next sub-prime crisis.

AML / KYC

AUSTRAC Hails Tabcorp Fine for AML/CTF Breaches

By Garima Chitkara | 16/11/2017

Casino and gaming operator fined more than $34mn for a series of AML/CTF failures; AUSTRAC stresses management responsibility.

Enforcement

Australian Banks’ Rate Rigging Settlement Confirmed

By Editors | 13/11/2017

ANZ and NAB will pay a total of $76mn for attempting to manipulate Bank Bill Swap Rate; Westpac Banking still fighting claims.

Capital / Liquidity

Australia to Loosen Fundraising Rules for Mutuals in Bid to Boost Competition

By Editors | 09/11/2017

Credit unions, building societies will be able to raise funds without having to forego their status as customer-owned entities.

AML / KYC

ASIC to Seek 10-year Sentences for Corporate Criminals

By Editors | 25/10/2017

Securities regulator says current maximum punishments are not sufficient as they don’t wipe out gains made from illicit activity.