Australia

Operational Risk

APRA Consults Again on Super Fund Financial Resources Rules

By Sanday Chongo Kabange | 19/02/2024

APRA’s new consultation proposes a “simpler approach” to its operational risk financial requirement (ORFR).

Anti-Money Laundering

SkyCity Facing NZ Court Proceedings for Alleged AML Failures

By Sanday Chongo Kabange | 19/02/2024

The DIA alleges that SkyCity did not meet various obligations required under the AML/CFT Act.

Fraud, Scams & Cybercrime

AFP Officer Charged with Stealing Bitcoin from Drug Bust

By Mark Johnston | 17/02/2024

The 2019 theft was discovered in 2021, when police implemented new tracing tools and tracked the crypto to Binance.

Structural Regulation

Australia FSC Calls for Threshold Change in ‘Sophisticated Investor’ Test

By Editors | 16/02/2024

The Financial Services Council warns that if the threshold is left unchanged, more than 20% of households would lose important retail investor protections by 2033.

Structural Regulation

ASIC Proposes Further Changes to OTC Derivatives Reporting Rules

By Manesh Samtani | 16/02/2024

Among other things, the changes will simplify the exchange-traded derivatives exclusion and the scope of foreign entity reporting, as well as remove “alternative reporting”.

Conduct, Culture & Accountability

ASIC to Hold Directors Accountable for Unethical Lending

By Sanday Chongo Kabange | 10/02/2024

Deputy Chair Sarah Court said ASIC will not hesitate to step in to protect vulnerable Australians from unethical lending practices.

PEPs & Sanctions

Australian Court Rejects Sanctions Challenge from Rusal Founder

By Editors | 09/02/2024

The Federal Court ruled that the sanctions imposed on Russian oligarch Oleg Deripaska were valid and proportionate.

Cryptocurrency

Australian Court Rules Yield-earning Crypto Product Illegal

By Editors | 09/02/2024

The Federal Court ruled that Block Earner was offering unlicensed financial services through its “Earner” product.

Structural Regulation

ASIC Offers Limited Relief for Unfair Contract Terms Regime

By Sanday Chongo Kabange | 09/02/2024

ASIC granted no-action relief to address concerns that the regime could apply to sophisticated participants, who are not the intended targets of the regime.