Australia

AML / KYC

Australia: Crown Casinos Ordered to Pay Record Breaking Penalty

By Editors | 12/07/2023

Crown will pay A$125mn now, A$125mn within a year, and the remaining A$200mn within two years for AML/CTF breaches.

ESG / Sustainability

New Zealand Seeks to Extend Climate Disclosure Deadlines

By Ranamita Chakraborty | 11/07/2023

If approved, the exemption would waive the requirement for climate reporting entities to include their climate statements in their annual reports, and instead file them separately within four months of their balance date.

Capital / Liquidity

RBNZ Consults on New Capital Instrument for Mutual Banks

By Sanday Chongo Kabange | 11/07/2023

Mutual banks will be allowed to issue a new MET1 capital instrument, providing them more capital raising flexibility.

AML / KYC

NAB Becomes First Aussie Bank to Remove Links From Text Messages

By Sanday Chongo Kabange | 10/07/2023

The move is one of 64 projects completed or underway across NAB to help address the “global scam epidemic”.

Australia says NFTs Are Not Digital Currencies for GST Purposes

By Ranamita Chakraborty | 10/07/2023

The Australian Taxation Office clarifies that it does not consider crypto assets such as non-fungible tokens and stablecoins as digital currencies for GST purposes.

New “Failure to Prevent Bribery” Offence before Australian Parliament

By Abigail McGregor | 07/07/2023

Abigail McGregor and Hoory Yeldizian explain the implications of a new law that will subject corporations to penalties if an associate engages in bribery.

Enforcement

ASIC Fines Openmarkets Record $4.5m for Compliance Failures

By Sanday Chongo Kabange | 06/07/2023

ASIC says Openmarkets did not carry out effective trade surveillance, and banned its former acting head of trading for three years.

Market Infrastructure

Australia Launches New Foreign Ownership Register

By Editors | 06/07/2023

Investors need to notify the new Register within 30 days after they acquire or dispose of an interest or there is a change of at least 5 percent in the interest.

Enforcement

FMA Imposes Permanent Stop Order on Validus International

By Sanday Chongo Kabange | 05/07/2023

The permanent stop order bars Validus and its associated persons from offering or promoting its financial products to New Zealanders.