AUSTRALIA

Enforcement

AFCA Sees High Volume of Complaints Continue

By Sanday Chongo Kabange | 25/07/2025

Australia's complaints body is calling for mandatory scam codes and highlights the need for a compensation scheme as complaint volumes remain "unacceptably high".

Enforcement

Australian Police, Banks Issue Joint Warning on Money Mule Accounts

By Manesh Samtani | 25/07/2025

ABA CEO Anna Bligh described the use of mule accounts as a "key tactic in a criminal’s playbook" and effectively a "getaway vehicle" for scammers.

Market Infrastructure

ASIC Proposes Overhaul of Industry Code Guidance

By Sanday Chongo Kabange | 24/07/2025

ASIC has launched a consultation on significant updates to its framework for approving financial and credit sector codes.

Market Infrastructure

APRA Unveils Planned Reforms to Boost Banking Competition

By Sanday Chongo Kabange | 24/07/2025

APRA has announced a new tiered framework and other measures to ease the burden on smaller banks.

Enforcement

ASIC Puts Bank Boards on Notice Over AI Risks and Governance

By Sanday Chongo Kabange | 24/07/2025

ASIC has warned that existing financial services laws apply directly to AI, placing the onus on boards to manage risks of consumer harm.

Securities / Derivatives

ASIC Probes Private Credit Markets as Part of Broader Review

By Manesh Samtani | 23/07/2025

ASIC is increasing surveillance of fund governance and valuations, with a reform roadmap due in Q4.

Fintech / Regtech

New Zealand Slashes Interchange Fees for Visa and Mastercard

By Manesh Samtani | 23/07/2025

Commerce Commission finalises caps on card payment fees, aiming to save businesses NZD 100m annually amid concerns over high costs.

Enforcement

AUSTRAC Announces Closure of Enforceable Undertaking with PayPal

By Sanday Chongo Kabange | 22/07/2025

AUSTRAC has cancelled its enforceable undertaking with PayPal after the company completed a two-year remediation plan.

Enforcement

ASIC Sues Fortnum Private Wealth Over Cybersecurity Failures

By Sanday Chongo Kabange | 22/07/2025

ASIC claims the financial advice licensee failed to manage cyber risks, exposing thousands of clients to data breaches.