Australia

FMA Issues Guidance on Intermediated Distribution of Financial Products

By Sanday Chongo Kabange | 28/06/2023

The guidance sets out the FMA’s expectations on the distribution of financial products through intermediaries under the new CoFi regime.

AML / KYC

Australia Set to Launch National Anti-Corruption Commission

By Sanday Chongo Kabange | 28/06/2023

The National Anti-Corruption Commission will commence operations on 1 July, with powers to investigate corrupt conduct.

Market Infrastructure

Australia Finalises Review of ASIC Funding Model

By Sanday Chongo Kabange | 28/06/2023

The review recommends that ASIC enhance its reporting, transparency and consultation arrangements on the industry funding model.

ESG / Sustainability

Australia Issues Second Consultation on Climate Disclosures

By Ranamita Chakraborty | 28/06/2023

The Australian government is looking to enforce mandatory climate-related reporting obligations for the country’s largest companies and financial institutions starting from 1 July 2024.

AML / KYC

AUSTRAC Issues New Guidance to Address Debanking

By Sanday Chongo Kabange | 28/06/2023

AUSTRAC discourages the “indiscriminate and widespread closure of accounts across entire industries”.

AML / KYC

AUSTRAC Developing New National Risk Assessments

By Sanday Chongo Kabange | 27/06/2023

AUSTRAC to develop national risk assessment on terrorism financing by late 2023, and on money laundering by early 2024.

Capital / Liquidity

APRA Imposes Capital Charge on Medibank Over 2022 Hack

By Sanday Chongo Kabange | 27/06/2023

APRA has decided to increase Medibank’s capital adequacy requirement for operational risk by A$250mn.

Enforcement

Australia: PwC’s Breach of Trust was “Calculated”, Says Senate Committee

By Sanday Chongo Kabange | 27/06/2023

Lawmaker Richard Colbeck has called for a wider probe into PwC, saying the information released to date showed the scandal “extended internationally”.

ESG / Sustainability

NZ FMA Guides Businesses In Complying with New Climate Disclosure Regime

By Ranamita Chakraborty | 26/06/2023

The regulator believes that the market’s ability to manage data sources and systems for reporting on climate-related information will improve over time.