Australia

Fraud, Scams & Cybercrime

Australia Passes Legislation for SMS Sender ID Register

By Sanday Chongo Kabange | 27/08/2024

The register will allow telcos to block messages being sent under a brand name that don’t correspond with the legitimate sender.

Reporting & Disclosures

Australia Advances Legislation on Climate Disclosures, FMI Regime

By Ranamita Chakraborty | 27/08/2024

Treasurer Jim Chalmers said the AASB will release standards for the climate risk disclosure framework “in the near future”.

Cryptocurrency

Australian Court Rules Kraken Violated Regulatory Requirements

By Sanday Chongo Kabange | 26/08/2024

The court ruled that the crypto firm failed to comply with design and distribution obligations when offering a margin trading product.

Structural Regulation

ASIC Sets Out Strategic Priorities in New Corporate Plan

By Sanday Chongo Kabange | 26/08/2024

ASIC is taking aim at Australia’s private markets, which Chair Joe Longo said present an outsized risk to market integrity.

Reporting & Disclosures

ASIC Publishes Findings from Anti-Greenwashing Surveillance

By Sanday Chongo Kabange | 26/08/2024

ASIC published findings, recommendations and good practice examples from its surveillance activities during the financial year 2023–2024.

Operational Risk

APRA Increases Capital Add-on Imposed on ANZ Bank

By Sanday Chongo Kabange | 23/08/2024

APRA said several issues emerging in ANZ’s markets business have increased its “longstanding concerns” about the bank’s non-financial risk management.

Conduct, Culture & Accountability

NZ Court Fines Ex-Insurer for Disclosure Breaches

By Sanday Chongo Kabange | 23/08/2024

The High Court ordered former CBLC Managing Director Peter Harris to pay NZD 1.4 million for breaching financial market rules in a case brought by the FMA.

Emerging Prudential Risks

APRA Finalises Cross-industry Standard on Defined Terms

By Sanday Chongo Kabange | 23/08/2024

The new standard, CPS 001, will act as a central glossary for ADIs and insurers to promote more consistent definitions going forward.

Emerging Prudential Risks

Australian Mutual Banks Face Consolidation Pressure: S&P Global Ratings

By Manesh Samtani | 22/08/2024

S&P Global Ratings suggests that as many as 40 mutual banks could disappear in the coming years, leaving fewer than 10 significant players in the market.