Australia

Anti-Money Laundering

AUSTRAC Releases Two National Risk Assessments

By Editors | 09/07/2024

The NRAs provide an understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.

Structural Regulation

Australia Introduces New Disclosure Rule for Public Companies

By Sanday Chongo Kabange | 09/07/2024

All companies open to investment by the public must disclose all their subsidiaries, regardless of size or materiality.

Structural Regulation

Australia Tables Legislation to Adopt Global Minimum Tax

By Sanday Chongo Kabange | 09/07/2024

The legislation will set a global and domestic minimum tax rate for multinational enterprise groups including banks.

Sustainable Finance

ACCC Consults on Guidance for Sustainability Collaborations

By Sanday Chongo Kabange | 08/07/2024

The guide is intended to assist businesses considering working together to achieve positive environmental outcomes without breaching Australian competition law.

Supervision & Enforcement

Senate Inquiry Recommends Complete Overhaul of ASIC

By Sanday Chongo Kabange | 08/07/2024

Senator Andrew Bragg said too many Australians have been hurt by ASIC’s “persistent failure” to enforce the law and win prosecutions.

Market Risk

APRA Finalises Revisions to IRRBB Standard

By Manesh Samtani | 08/07/2024

The revisions will reduce volatility in the IRRBB capital charge and ensure a more proportionate approach across banks.

Fraud, Scams & Cybercrime

Australia: ATO Joins Anti-Scam Intelligence Sharing Platform

By Sanday Chongo Kabange | 08/07/2024

The ATO has become the first government agency to join the ‘AFCX Anti‑Scam Intelligence Loop’.

Data Privacy

CDR Negatively Impacting Competition, says Australia Banking Body

By Sanday Chongo Kabange | 05/07/2024

ABA says the CDR regime is not delivering for customers or enhancing competition in Australia’s banking industry.

Conduct, Culture & Accountability

Australia Passes First Tranche of Financial Advice Reforms

By Sanday Chongo Kabange | 05/07/2024

The legislation seeks to streamline the delivery of financial advice while strengthening transparency and protections for consumers.