Australia

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    Conduct, Culture & Accountability

    Australia Consults on Draft Regulations for Financial Advice Reforms

    By Sanday Chongo Kabange | 12/06/2024

    The consultation proposes regulations to support the delivery of the first tranche of reforms to increase access to affordable financial advice.

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    Fraud, Scams & Cybercrime

    GCFFC APAC Chapter Publishes First Financial Scams Report

    By Manesh Samtani | 10/06/2024

    The GCFFC calls for the establishment of an international task force or body with a clear anti-fraud and scams mandate.

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    Anti-Money Laundering

    Australia Court Orders SkyCity to Pay A$67m AML Penalty

    By Sanday Chongo Kabange | 07/06/2024

    SkyCity’s failures “over many years allowed high-risk customers to move millions of dollars through the casino”.

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    Conduct, Culture & Accountability

    ASIC Investigating Financial Hardship Practices at Lenders

    By Manesh Samtani | 07/06/2024

    ASIC commenced court action against one major bank last year. Three other lenders are under formal investigation.

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    Structural Regulation

    Australia Introduces Legislation to Regulate BNPL Sector

    By Sanday Chongo Kabange | 06/06/2024

    BNPL providers will need to hold a licence and comply with existing credit laws, including requirements to conduct affordability checks.

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    Reporting & Disclosures

    Active Super Engaged in Greenwashing, Australia Court Rules

    By Sanday Chongo Kabange | 06/06/2024

    Active Super made “misleading” and “deceptive” representations regarding exclusions applied to gambling, coal mining, Russian entities and oil tar sands investments.

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    Cryptocurrency

    No Penalty for Block Earner, Australian Court Rules

    By Sanday Chongo Kabange | 05/06/2024

    The Federal Court said Block Earner will not have to pay a penalty as it acted “honestly” before offering its “Earner” product.

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    Sustainable Finance

    Australia Launches Inaugural Sovereign Green Bond

    By Editors | 05/06/2024

    The 10-year bonds, oversubscribed by more than 300 percent, will “deliver significant environmental benefits”.

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    Operational Risk

    APRA Fines Superannuation Trustee for Late Reporting

    By Sanday Chongo Kabange | 05/06/2024

    APRA said Equity Trustees Superannuation lodged 15 reporting forms late for two funds under its trusteeship.

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    Cryptocurrency

    Cboe Australia Commences Trading in New Bitcoin ETF

    By Editors | 05/06/2024

    The new ETF, launched by Monochrome Asset Management, is the first in Australia to hold crypto assets directly.

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