Enforcement

ASIC Directs Super Funds to Consolidate Duplicate Member Accounts

29/06/2023

ASIC warned it will take enforcement action against trustees who do not comply with their obligations to identify and merge duplicate member accounts.

AML / KYC

Australia Commits to Taking Action to Address Debanking

29/06/2023

Treasury will work with APRA and the four major banks to design and scope a voluntary data collection on de-banking.

Fintech / Regtech

Malaysia SC Launches New Initiative to Boost Islamic Fintech

28/06/2023

The ‘FIKRA ACE’ initiative consists of an accelerator programmme, a networking platform, and a platform for collaborations.

Market Infrastructure

ASX CHESS Replacement Project Under Continued Scrutiny

28/06/2023

ASIC chair Joe Longo said ASX had an “engagement problem” and that officials were working to boost oversight of the CHESS replacement project.

FMA Issues Guidance on Intermediated Distribution of Financial Products

28/06/2023

The guidance sets out the FMA’s expectations on the distribution of financial products through intermediaries under the new CoFi regime.

AML / KYC

Australia Set to Launch National Anti-Corruption Commission

28/06/2023

The National Anti-Corruption Commission will commence operations on 1 July, with powers to investigate corrupt conduct.

Market Infrastructure

Australia Finalises Review of ASIC Funding Model

28/06/2023

The review recommends that ASIC enhance its reporting, transparency and consultation arrangements on the industry funding model.

AML / KYC

AUSTRAC Issues New Guidance to Address Debanking

28/06/2023

AUSTRAC discourages the “indiscriminate and widespread closure of accounts across entire industries”.

AML / KYC

AUSTRAC Developing New National Risk Assessments

27/06/2023

AUSTRAC to develop national risk assessment on terrorism financing by late 2023, and on money laundering by early 2024.