Australia

Operational Risk

Australia Court Fines Westpac A$26 Million for Hardship Notice Failures

By Sanday Chongo Kabange | 28/05/2026

The Federal Court of Australia has penalised Westpac for “grossly negligent” system failures that left vulnerable customers without assistance for years.

Structural Regulation

Australia Finalises Three-Tiered Prudential Framework for Banks

By Sanday Chongo Kabange | 28/05/2026

APRA has formalised a three-tiered framework for banks, creating a new top tier and raising the threshold for 'significant' institutions to enhance proportionality.

Anti-Money Laundering

AUSTRAC Updates Non-Profit Sector Terrorism Financing Risk Indicators

By Sanday Chongo Kabange | 27/05/2026

AUSTRAC has updated its risk assessment for the non-profit sector, detailing new risk signals for financial institutions.

Fraud, Scams & Cybercrime

ASIC Warns of Scammers Using Fake Crypto Trading Platforms

By Editors | 27/05/2026

The regulator has issued an alert about scams luring investors through messaging apps onto fraudulent crypto-asset trading platforms that feign profits.

AI Risk & Governance

Australia and UK Sign Pact on AI Safety and Security

By Editors | 27/05/2026

The agreement establishes a formal partnership to align on research, testing, and governance for frontier AI models, bolstering international cooperation.

Market Abuse

US Exempts Some Foreign Insiders from Transaction Reporting Rules

By Manesh Samtani | 27/05/2026

SEC order grants a conditional exemption for directors and officers of certain foreign private issuers in Australia, India, and Singapore.

Operational Risk

Australia Proposes Higher Supervisory Levies for 2026-27

By Sanday Chongo Kabange | 27/05/2026

The Australian government is seeking industry feedback on a proposed 5.2 percent hike in supervisory levies to AUD 297.3 million, driven by increased costs at APRA and the ATO.

Reporting & Disclosures

Australia Faces Warnings Over Plan to Ease Corporate Reporting Rules

By Sanday Chongo Kabange | 26/05/2026

The government’s budget plan to double financial reporting thresholds for mid-sized firms has drawn sharp criticism from accountants, who warn of unacceptable economic risks and a lack of consultation.

Market Abuse

Australian Court Clarifies Sentencing Principles in Insider Trading Appeal

By Sanday Chongo Kabange | 26/05/2026

A former fund manager has been re-sentenced for insider trading, with an appeal court clarifying how post-offence conduct affects sentencing for serious financial crimes.