Australia

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.

Enforcement

ANZ Agrees to Settle 2021 Credit Cards Class Action

By Sanday Chongo Kabange | 26/03/2024

ANZ has agreed to pay A$57.5mn to settle a class action lawsuit brought by Phi Finney McDonald, subject to court approval.

ESG / Sustainability

RBNZ Finalises New Guidance on Managing Climate Risk

By Editors | 26/03/2024

Accounting for consultative feedback, the guidance includes more examples, reduces overlaps with other guidance, and draws more links to existing parts of the prudential regime.