Australia

Enforcement

ASIC Issues First Stop Order Targeting Crowdfunding Campaign

By Sanday Chongo Kabange | 13/06/2024

ASIC issued an interim stop order against a crowd-sourced funding campaign because of its use of a nominee arrangement.

Crypto / Digital Assets

Australia Bans Use of Crypto, Credit for Online Gambling

By Editors | 12/06/2024

Cryptocurrencies, credit cards, and other new forms of credit cannot be used as payment methods for online gambling.

Securities / Derivatives

New Zealand FMA Proposes New Rules for Derivatives Issuers

By Sanday Chongo Kabange | 12/06/2024

The FMA proposes to limit the amount of leverage that derivative issuers can offer, and to require them to conduct suitability checks.

Australia Consults on Draft Regulations for Financial Advice Reforms

By Sanday Chongo Kabange | 12/06/2024

The consultation proposes regulations to support the delivery of the first tranche of reforms to increase access to affordable financial advice.

AML / KYC

GCFFC APAC Chapter Publishes First Financial Scams Report

By Manesh Samtani | 10/06/2024

The GCFFC calls for the establishment of an international task force or body with a clear anti-fraud and scams mandate.

AML / KYC

Australia Court Orders SkyCity to Pay A$67m AML Penalty

By Sanday Chongo Kabange | 07/06/2024

SkyCity’s failures “over many years allowed high-risk customers to move millions of dollars through the casino”.

Enforcement

ASIC Investigating Financial Hardship Practices at Lenders

By Manesh Samtani | 07/06/2024

ASIC commenced court action against one major bank last year. Three other lenders are under formal investigation.

Australia Introduces Legislation to Regulate BNPL Sector

By Sanday Chongo Kabange | 06/06/2024

BNPL providers will need to hold a licence and comply with existing credit laws, including requirements to conduct affordability checks.

ESG / Sustainability

Active Super Engaged in Greenwashing, Australia Court Rules

By Sanday Chongo Kabange | 06/06/2024

Active Super made “misleading” and “deceptive” representations regarding exclusions applied to gambling, coal mining, Russian entities and oil tar sands investments.