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Australia
Australia Tables New Financial Advice Legislation in Parliament
By Sanday Chongo Kabange | 30/03/2024
The legislation is part of a broader package of reforms aimed at increasing the accessibility and affordability of financial advice.
ESG / Sustainability
ASIC Wins First Greenwashing Action Against Vanguard
By Sanday Chongo Kabange | 30/03/2024
The court found that Vanguard contravened the ASIC Act in its representations about the ESG exclusionary screens applied to one of its index funds.
Fintech / Regtech
NZ FMA Supports Use of Gen AI by Finance Sector
By Nithya Subramanian | 30/03/2024
Executive Director Daniel Trinder said the FMA would like to hear from firms about their use of GenAI to understand how risks are managed.
UK, Australia Sign Auditor Recognition Agreement
By Editors | 29/03/2024
Auditors with professional qualifications in either the UK or Australia can more easily apply for recognition in the other nation.
AML / KYC
Australian Senate Passes Digital Identity Bill
By Editors | 29/03/2024
The Bill will allow myGovID to be used by the private sector, and accredited private sector IDs to be used for some government services.
AML / KYC
FATF Re-rates Australia on Six Recommendations
By Mark Johnston | 29/03/2024
Australia was upgraded on five recommendations and downgraded on R.15 due to the limited scope of its regulatory regime for VASPs.
AML / KYC
Westpac Unveils “First of its Kind” Anti Scam Service
By Sanday Chongo Kabange | 28/03/2024
The AI-powered service will ask customers to answer a “series of dynamic questions” if a new payment appears to have high scam risk.
ESG / Sustainability
Australia Tables Bill to Introduce Climate Disclosures, Strengthen FMI Regime
By Sanday Chongo Kabange | 28/03/2024
The legislation will implement new mandatory climate reporting requirements and strengthen regulatory arrangements for FMIs.
AML / KYC
Advice Industry Seeks Clarity on AUSTRAC Outsourcing Guidance
By Sanday Chongo Kabange | 28/03/2024
The Financial Advice Association Australia calls on AUSTRAC to provide clear definitions of outsourcing versus reliance arrangements.
Enforcement
ASIC Takes First Action for Failure to Obtain Director ID
By Sanday Chongo Kabange | 26/03/2024
Under 2021 reforms, all directors are required to verify their identities with Australian Business Registry Services and obtain a director ID.
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