Australia

Anti-Money Laundering

AUSTRAC Issues New Guidance on Money Mule Detection

By Sanday Chongo Kabange | 04/06/2024

The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.

Conduct, Culture & Accountability

NZ FMA Identifies Weaknesses at Financial Advice Firms

By Sanday Chongo Kabange | 04/06/2024

The FMA also found that the transition to the new financial advice regime resulted in stronger relationships with clients for many advisers.

Anti-Money Laundering

Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine

By Sanday Chongo Kabange | 04/06/2024

The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.

Structural Regulation

Australian Treasury Orders Chinese Investors to Sell Shares

By Editors | 04/06/2024

China-linked investors were ordered to dispose of shares in rare earths miner Northern Minerals on national interest grounds.

Payments & Settlements

CBA, JPM to Pilot Cross-border Bank Account Validation

By Nithya Subramanian | 04/06/2024

CBA’s pilot involves the sharing of limited payee account data through its NameCheck technology on JP Morgan’s Liink network.

Cybersecurity

APRA Identifies Common Gaps in Data Backup Practices

By Sanday Chongo Kabange | 03/06/2024

APRA outlined some common issues and directed regulated entities to review their backup arrangements and address identified gaps promptly.

Anti-Money Laundering

AUSTRAC Accepts Enforceable Undertaking from Sportsbet

By Sanday Chongo Kabange | 30/05/2024

The undertaking binds the online betting company to an ongoing remedial action plan to improve its AML/CTF programme.

Structural Regulation

ASIC to Launch New Professional Registers Search in June

By Sanday Chongo Kabange | 30/05/2024

The platform will allow users to search for a licence or registration across multiple registers with a single search.

Market Abuse

Former NZ CEO Fined Over Anonymous Online Posts

By Sanday Chongo Kabange | 29/05/2024

The former CEO made false and misleading representations online purportedly to manipulate NZX-listed New Talisman Gold Mines.