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Regulation

regulation

19 February 2020 • By Lachlan Maddock • 1 min read

Westpac pummeled by AUSTRAC, bushfires

Westpac will have to tighten the purse strings as the looming AUSTRAC penalty and natural disaster costs force the bank to downgrade earnings growth

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Australia a money laundering hotspot

Weaknesses in Australia’s money laundering laws have turned the country into a safe haven for “significant quantities of illicit funds”, according to ...

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Last resort compensation scheme needs limits: FSC

The Financial Services Council (FSC) has urged the government to work with industry on the compensation scheme of last resort (CSLR), cautioning the ...

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Lowe warns of ‘profound’ climate hit

RBA governor Philip Lowe has flagged massive economic impacts from climate change and laid out the role the RBA will take in combating it

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Regulators back Hayne’s super reforms

ASIC and APRA have expressed support for the government’s draft reforms for superannuation policing, which would grant stronger consumer protection ...

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QE still a possibility: Oliver

The one-two punch of coronavirus and the bushfire crisis means the RBA shouldn’t rule out the use of quantitative easing, AMP chief economist Shane ...

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Fees-for-no-service bill nears billion

Australia’s six largest financial institutions have now paid out hundreds of millions to customers impacted by financial advice-related misconduct, ...

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AFCA backs last resort compensation scheme

The Australian Financial Complaints Authority (AFCA) has pushed for creating a compensation scheme of last resort (CSLR), saying it could fill a ...

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Renewables revolution risks social upheaval

The transition to green energy could leave some sections of society in the dust if governments don’t play their part in directing it, according to ...

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‘Morally indefensible’: AMP cops $5.175m penalty for misconduct

The Federal Court has ordered the wealth giant to pay a $5.175 million penalty after it failed to ensure its financial planners complied with the best ...

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