Australia

AML / KYC

Australian Senator Calls on AUSTRAC to Investigate TikTok

By Nithya Subramanian | 17/04/2024

TikTok’s platform was allegedly used to transfer money to accounts suspected of being linked to terrorist groups.

Crypto / Digital Assets

Three Crypto Firms Enter Into Liquidation in Australia

By Editors | 16/04/2024

A$55mn worth of assets belonging to a crypto fund operator have been frozen by court order, after investors became concerned about the fund’s management.

Enforcement

ASIC Commences Proceedings Against Blockchain Mining Companies

By Editors | 16/04/2024

The companies, without an AFS licence, encouraged investors to set up self-managed superannuation funds to then invest in blockchain mining packages and crypto.

AML / KYC

Australia: New ID Register Blocks 300,000 Fraud Attempts

By Nithya Subramanian | 15/04/2024

Following the Optus breach, a new register was set up to prevent compromised personal credentials from being used as forms of identity.

Crypto / Digital Assets

NZ Official Hints at Future Crypto Regulatory Framework

By Sanday Chongo Kabange | 15/04/2024

Andrew Bayly acknowledged the risk of regulatory arbitrage “if New Zealand does not keep in step with” major digital asset regulatory developments.

APRA Issues Updated EFS Reporting Standards

By Sanday Chongo Kabange | 12/04/2024

The updated reporting standards and guidance will apply to reporting periods ending on or after 30 June 2024.

Crypto / Digital Assets

Consumers Value Privacy Over Safety When Considering a CBDC: RBA

By Editors | 12/04/2024

Consumers attach no value to the added safety of a CBDC, or the fact that it would be issued by the RBA, as bank deposits are already considered safe.

ASIC Proposes Updates to Guidance for Insolvency Practitioners

By Sanday Chongo Kabange | 12/04/2024

The proposed updates will provide improved guidance on reporting requirements and reduce “unnecessary effort and expense”, ASIC said.

Market Infrastructure

Australia Unveils Plans to Strengthen Rules for Mergers

By Sanday Chongo Kabange | 12/04/2024

The reforms are expected to come into force on 1 January 2026, introducing a mandatory notification requirement for deals above certain thresholds.