Veteran ANZ executive Graham Hodges has announced he will depart the bank next month, drawing the curtain on a 30-year career in the banking sector. Hodges has been the bank's deputy CEO since 2009. In that role he has played an influential, albeit low profile, part in advancing ANZ's engagement with policy makers and consolidating the bank's presence in corporate and SME lending markets. New anti-money laundering and counter-terrorism financing laws for digital currency exchange providers with business operations in Australia have been implemented by AUSTRAC. Despite the "effective immediately" tag, DCE providers will be allowed a transition period until 14 May 2018 to register with AUSTRAC and meet local AML/CTF compliance and reporting obligations. There is no room for complacency, though, as "criminal offence and civil penalty consequences will apply [after this date] for providing DCE services while unregistered," warned AUSTRAC. Further guidelines are set out on the AUSTRAC website.      In a speech yesterday, RBA governor Philip Lowe said the next move in interest rates will most likely be up, and after years of low rates that will come as a shock to many people. There has not been a hike in the OCR in seven years. But Lowe said any lift will only come as the economy strengthens and incomes rise, and any improvements in both are likely to be "only gradual".  In his speech Lowe also touched on the risks to economic growth, including the threat of a trade war, China's efforts to avoid a financial system collapse, and Australia's continuing high levels of household debt. The New Zealand government has released its proposals on how to ensure financial advisers are more transparent with clients about any commissions and kick-backs they receive. The government has chosen not to recommend banning commission altogether, but wants financial advisers to be required to ensure clients know in advance about any commissions, incentives or conflicts of interest. And before a client chooses between plans put forward, the adviser will have to disclose exactly how much commission they would get from each plan. Submissions on the discussion document close on May 25.