Australia

Supervision & Enforcement

AUSTRAC Fines 16 Firms for Failure to Submit Compliance Reports

By Editors | 30/11/2024

The infringement notices were issued for failure to submit 2023 annual compliance reports. The firms had a history of non-compliance.

Data Privacy

Australian Parliament Passes First Tranche of Privacy Law Reforms

By Editors | 29/11/2024

The reforms expand the OAIC’s powers, giving it monitoring, investigative and inspection powers and the ability to issue infringement and compliance notices.

Conduct, Culture & Accountability

New Zealand’s Kiwibank Fined for Breaches of Fair Trading Act

By Nithya Subramanian | 29/11/2024

The Commerce Commission has penalised Kiwibank for overcharging 35,000 customers a total NZD 6.8 million.

Anti-Money Laundering

Australian Parliament Passes Historic AML/CTF Amendment Bill

By Thisanka Siripala | 29/11/2024

The bill extends AML/CTF obligations to lawyers, accountants, TCSPs, real estate professionals, and dealers in precious metals and stones.

PEPs & Sanctions

New Zealand Targets Russian, Iranian Actors With New Sanctions

By Editors | 29/11/2024

The sanctions target those involved in the deployment of chemical weapons against Ukraine and the provision of Iranian weapons to Russia.

Emerging Prudential Risks

APRA Establishes New “Specialist Geopolitical Risk Team”

By Thisanka Siripala | 28/11/2024

The “specialist geopolitical risk team” is collaborating with other regulators to examine how global shocks may reach Australia and impact the financial system.

Clearing & Post-Trade

ASX Targets 2029 Delivery for CHESS Replacement Project

By Sanday Chongo Kabange | 28/11/2024

Release 1 (clearing services) will be delivered by 2026 and Release 2 (settlement and subregister services) in 2029.

Climate Risk

Australian Investors Demand Greater Adaptation Action

By ESG Investor | 28/11/2024

New nature legislation and updated Modern Slavery Act are also key priorities ahead of 2025 federal elections.

Conduct, Culture & Accountability

APRA, ASIC Finds “Possible Gaps” in FAR Implementation by Banks

By Sanday Chongo Kabange | 27/11/2024

APRA and ASIC identified possible gaps in registration and notification lodgements made since the FAR commenced for the banking industry in March.