AFCA ‘Refines’ Approach to Dispute Resolution Following Review

10/12/2024

AFCA said it has completed a 3-year programme to respond to an independent review of its operations and “redefined” its approach to external dispute resolution.

Enforcement

ASIC Calls on Government to Ban Unfair Trading in Financial Services

10/12/2024

ASIC’s Alan Kirkland says the proposed ban is needed to combat “dark patterns” which “distort, subvert, and undermine consumer choice”.

AML / KYC

Australia Sets Out Beneficial Ownership Disclosure Policy for Unlisted Companies

09/12/2024

Beneficial ownership information will be accessible to journalists, academics, AML/CTF reporting entities, regulators and law enforcement.

Enforcement

HKMA Fines China CITIC Bank for Transaction Monitoring Deficiencies

08/12/2024

The HKMA said 13 out of a total of 33 detection rules and two core model rules had not been implemented as intended.

AML / KYC

Australia ACMA to Collaborate with UK Ofcom on Combatting Scams

08/12/2024

The ACMA and Ofcom will collaborate and share information to tackle the “pervasive scourge” of spam and scam communications.

Crypto / Digital Assets

Hong Kong Announces Gazettal of Stablecoins Bill

08/12/2024

The bill will implement a licensing and regulatory regime for issuers of fiat-referenced stablecoins. The first reading is set for 18 December.

Crypto / Digital Assets

Thai SEC Revises Capital Requirements for Crypto Firms

05/12/2024

The revised requirements aim to increase trust in the digital asset market and enhance investor protection.

ASIC Publishes Industry Complaints Data for the First Time

05/12/2024

ASIC says over 4.7 million complaints reported indicate that some financial firms may not be reporting complete and accurate IDR data.

AML / KYC

Australia Directs ACMA to Operate ‘Mandatory’ SMS Sender ID Register

05/12/2024

The ACMA is directed to develop an enforceable industry standard for a mandatory ‘SMS Sender ID Register’ to protect against scams.