Australia

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    Structural Regulation

    ASIC Issues First Ever Penalty Against Market Operator

    By Sanday Chongo Kabange | 07/03/2024

    ASX has paid A$1.05mn for a pre-trade transparency failure caused by “carelessness rather than recklessness or intentional misconduct”.

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    Capital Adequacy

    Australia: Islamic Bank Returns Restricted ADI Licence to APRA

    By Sanday Chongo Kabange | 07/03/2024

    Islamic Bank was going to be Australia’s first purely Islamic bank but decided to surrender its restricted ADI licence due to capital raising challenges.

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    Credit Risk

    RBNZ Considers Ways to Build Climate Risk into Credit Risk Weights

    By Sanday Chongo Kabange | 07/03/2024

    When considering any future changes to the approach to setting risk weights, the RBNZ will ensure they are data-driven and explicitly linked to financial risk.

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    Anti-Money Laundering

    AUSTRAC Launches AML Probe Into Gambling Company Bet365

    By Sanday Chongo Kabange | 07/03/2024

    The probe follows a Nov 2022 order from AUSTRAC requiring Bet365 to appoint an external auditor to assess AML/CTF compliance.

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    Cybersecurity

    RBNZ: New Cyber Reporting Rule to Start Next Month

    By Sanday Chongo Kabange | 06/03/2024

    Regulated entities will be required to report material cyber incidents to the RBNZ within 72 hours starting from 8 April 2024.

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    Fraud, Scams & Cybercrime

    Australia: NASC Warns of Deepfake Celebs Promoting Scams

    By Sanday Chongo Kabange | 06/03/2024

    Fake news articles and deepfake videos are being used to convince people to make online investments that turn out to be scams.

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    PEPs & Sanctions

    Coal Miner Challenges Australia Sanctions Regime in Court

    By Editors | 05/03/2024

    Tigers Realm Coal produces coal in Russia but does not directly export it. DFAT alleges breach of sanctions, which Tigers Realm has challenged.

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    Fraud, Scams & Cybercrime

    Australia: CBA Users Critical of Limits on Crypto-related Transfers

    By Sanday Chongo Kabange | 05/03/2024

    The A$10,000 monthly limit is intended to keep customers safe from fraud and scams, the bank said.

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    Fraud, Scams & Cybercrime

    ASIC Shuts Down 3,500 Investment Scam Websites

    By Nithya Subramanian | 05/03/2024

    ASIC has broadened its focus to ensure that banks and superannuation trustees protect members from scammers, said Joe Longo.

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    Cryptocurrency

    ASIC Secures Orders Preventing Ex-Crypto Boss from Leaving Australia

    By Sanday Chongo Kabange | 01/03/2024

    ASIC is investigating former directors of Blockchain Global Limited over the A$50mn collapse of a crypto exchange they operated.

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