ASIC Directs Product Issuers to Improve DDO Compliance

11/09/2024

ASIC’s Alan Kirkland called on issuers to ensure that their product design and distribution practices are “up to scratch”.

ACCC Updates Guidelines on Interim Authorisation

11/09/2024

The updated guidelines seek to clarify expectations around how the ACCC makes decisions on granting interim authorisation.

AML / KYC

Australia Introduces AML/CTF Reform Bill to Parliament

11/09/2024

The amendment bill will bring tranche 2 entities into scope and modernise the regulation of virtual assets and payments tech.

ESG / Sustainability

Australia Releases Interim Report on Taxonomy Development

11/09/2024

The report sets out the progress made towards the development of Australia’s sustainable finance taxonomy.

Fintech / Regtech

New Zealand FIs Taking ‘Cautious Approach’ to AI Adoption – FMA

10/09/2024

The FMA conducted research to better understand how regulated entities are exploring the adoption of AI, to help shape an appropriate regulatory framework.

Enforcement

Australia’s New Anti-Foreign Bribery Law Comes into Force

10/09/2024

Under the new law, companies will be held directly liable for failure to prevent foreign bribery by employees, external contractors, agents and subsidiaries.

AML / KYC

HKMA Issues Guidance on Using AI to Enhance AML Monitoring

10/09/2024

Banks will have to assess the feasibility of adopting AI in their ML/TF monitoring systems and then formulate and submit an implementation plan to HKMA by end March 2025.

Enforcement

HSBC Responsible Officer Disqualified Over MPF Referral Programme

09/09/2024

The responsible officer was disqualified for 30 months for his role in recruiting unregistered personnel to refer MPF corporate clients to HSBC.

Enforcement

HKMA Suspends Ex-Hang Seng Bank Employee for Dishonest Conduct

09/09/2024

The HKMA suspended a former Hang Seng Bank relevant individual for fabricating a client’s signature on a time deposit application form.