Major institution hit with penalty

A financial institution has paid a penalty to ASIC in relation to trade reporting rules.

AMP Life has paid a penalty of $275,000 and AMP Capital Investors has paid a penalty of $250,000 to comply with infringement notices issued by ASIC.

ASIC issued the notice as it considers there are reasonable grounds to believe there were breaches of the ASIC Derivatives Transactions (Reporting) Rules 2013 by both arms between 2016 and 2018.

ASIC has reasonable grounds to believe that both arms failed to report information about hundreds of transactions as a result of administrative failings.

“The infringement notices issued to AMP Life and AMP Capital are a message to reporting entities to ensure compliance with their reporting and monitoring obligations under the ASIC Rules,” said ASIC commissioner Cathie Armour.

Compliance with the infringement notices is not an admission of guilt or liability, meaning neither AMP Life or Capital are taken to have contravened ASIC rules.

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Major institution hit with penalty
ASIC
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