Australia

Fintech / Regtech

RBA to Lower Regulatory Burden for Small Securities Settlement Facilities

By Mark Johnston | 26/11/2023

The proposal aims to accommodate the “probable emergence of new, technologically innovative securities settlement facilities”.

AML / KYC

Australia Unveils First Quarterly Report from New Anti-Scam Centre

By Editors | 26/11/2023

The quarter ended with reported scam losses of A$29.8mn in September 2023, the lowest reported in a single month since October 2021.

AML / KYC

Australian Banks Launch “New Offensive” Against Scams

By Manesh Samtani | 24/11/2023

Priority initiatives to make banking safer include a new confirmation of payee system and expanded intelligence sharing.

Enforcement

Australian Court Orders Mercer Advice Unit to Pay A$12m Penalty

By Mark Johnston | 23/11/2023

Mercer Financial Advice was fined for failing to provide compliant fee disclosure statements and charging fees for services never rendered.

ESG / Sustainability

Climate Disclosures and Financial Statements Should be Coherent: XRB

By Sanday Chongo Kabange | 23/11/2023

New Zealand’s XRB issued new guidance highlighting the need for coherence between financial statements and climate-related disclosures.

Enforcement

ASIC Announces Enforcement Priorities for 2024

By Editors | 23/11/2023

ASIC added new priorities targeting super funds and market integrity, and emphases a continued focus on greenwashing.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Perth Mint

By Sanday Chongo Kabange | 23/11/2023

The enforceable undertaking binds Gold Corporation to completing its AML/CTF remediation programme by 30 April 2025.

Market Infrastructure

Australia Issues Seven-Year National Cyber Security Strategy

By Manesh Samtani | 23/11/2023

Small businesses will be given cyber health checks, cyber law enforcement funding will increase, and mandatory reporting of ransomware attacks will be introduced.

Fintech / Regtech

Regulators Must Keep Pace with Technology to Manage Systemic Risks

By Nithya Subramanian | 23/11/2023

With frauds and crimes getting sophisticated, institutions and regulators need to assume an increased level of responsibility, said Deborah Young.