Australia

Sanctions

Australia Announces Expanded Sanctions Against Russia

By Editors | 19/05/2023

Entities affected include Russian state-owned atomic energy corporation Rosatom, and the country’s largest petroleum and gold companies.

Securities / Derivatives

How Super Funds Are Bolstering Trust in Their Valuations

By Manesh Samtani | 18/05/2023

S&P Global’s Peter Alleston says trust in the superannuation industry relies on timely, transparent, accurate and reliable valuations, particularly for unlisted assets.

Crypto / Digital Assets

Canvas Completes First FX Transaction Using Australian CBDC

By Sanday Chongo Kabange | 18/05/2023

The eAUD was traded for foreign currency stablecoin USDC, representing the first foreign exchange transaction using the RBA’s pilot CBDC.

Capital / Liquidity

APRA Finalises New Resolution Planning Standard & Guidance

By Editors | 18/05/2023

CPS 900 will formally come into effect from 1 January 2024, but individual entities would only be subject to the requirements when notified by APRA.

AML / KYC

Australia: New Cross-Industry Code to Require Banks to Reimburse Scam Victims

By Editors | 16/05/2023

The code will be enforceable and set clear expectations on the obligations of banks, telcos and social media platforms.

AML / KYC

Australian Banks Launch New Fraud Reporting Platform

By Editors | 16/05/2023

The platform streamlines communications so banks can alert each other in real time when funds have been sent to a suspected scammer’s account.

Enforcement

Australia, New Zealand to Jointly Investigate Data Breach

By Editors | 15/05/2023

The probe into Latitude’s data breach is the first joint privacy investigation by Australia and New Zealand authorities.

Enforcement

ASIC to ‘Sharpen Focus’ on Misconduct by Credit Providers

By Editors | 11/05/2023

Deputy chair Sarah Court said credit providers and debt management firms that take advantage of vulnerable consumers are in ASIC’s sights.

ESG / Sustainability

ASIC Offers Guidance on Avoiding Greenwashing Penalties

By Editors | 11/05/2023

ASIC has taken 35 actions against greenwashing since July 2022. It has several other investigations underway and anticipates further regulatory action.