Australia

Enforcement

Australian Court Dismisses Class Action Against CBA

By Editors | 14/05/2024

The class action alleged that CBA failed to disclose its AML contraventions for several years before it was eventually fined A$700m in 2018.

AML / KYC

NZ Updates AML Guidance on Russia Sanctions

By Sanday Chongo Kabange | 14/05/2024

AML/CFT reporting entities that are duty holders under the Russia Sanctions Act must notify customers of asset freezes or blocked transactions.

Enforcement

ASIC Probes ANZ Over Treasury Bond Issuance

By Sanday Chongo Kabange | 14/05/2024

ASIC suspects ANZ breached the law while serving as a risk manager for a government bond issuance last year.

AML / KYC

New Zealand DIA Issues Formal AML Warning to Lawyer

By Sanday Chongo Kabange | 13/05/2024

The lawyer failed to establish, implement and maintain an AML/CFT programme, conduct on-going CDD, and report transactions.

Australia FSC Forms Expert Group on ‘Digital Advice’

By Sanday Chongo Kabange | 13/05/2024

The expert group will support financial advice reforms and the development and growth of the digital advice sector.

Sanctions

New Zealand Asked to Expand Myanmar Sanctions

By Editors | 11/05/2024

Company records show that New Zealanders have ties to mining companies which benefit the military junta.

AFCA, CSLR Set Out Arrangements for “Collaborative Relationship”

By Sanday Chongo Kabange | 10/05/2024

AFCA signed an MoU with CSLR Ltd, the authorised operator of the new Compensation Scheme of Last Resort.

AML / KYC

Australia Publishes Sanctions Advisory for Crypto Exchanges

By Nithya Subramanian | 10/05/2024

Digital currency exchanges should take “reasonable precautions” and exercise due diligence to prevent sanctions evasion.

Advice Fee Deducted from Super Funds are Too High: ASIC

By Sanday Chongo Kabange | 09/05/2024

ASIC says trustees need to improve their oversight of advice fee deductions from super fund accounts.