Australia

AML / KYC

ASIC Calls on Banks to Reconsider Approach to Scams

By Editors | 20/04/2023

Only 13 percent of scam payments made by customers were detected and stopped by the big four banks. Customers were “overwhelmingly” the bearer of scam losses.

Crypto / Digital Assets

Australia Considers Outright Ban on Ransom Payments

By Mark Johnston | 19/04/2023

The ACSC recommends that victims of ransomware attacks never pay a ransom. The government is considering a law prohibiting attack victims from paying ransoms.

Australia Consults on Bill to Lower Entry Barriers in Advice Industry

By Editors | 19/04/2023

Financial advisers with ten years experience and a clean disciplinary record will be deemed to have met the education requirements.

AML / KYC

Australia Saw 80pc YoY Jump in Scam Losses in 2022

By Editors | 18/04/2023

Australians lost more to scams than ever before in 2022. Losses per victim rose by more than 50% to an average of almost A$20,000.

AML / KYC

Australia Revisits ‘Tranche 2’ AML Reforms – Report

By Editors | 17/04/2023

The government is expected to settle its position on AML reforms this month that could cover the real estate, accounting and legal professions.

Enforcement

Australia to Investigate Amex Over Data Privacy Concerns

By Editors | 17/04/2023

The OAIC will investigate American Express over its data handling protocols and potential national security risks.

Securities / Derivatives

ASX Considers Closing Settlement Service for Unlisted Funds

By Editors | 17/04/2023

The mFund Settlement Service caters to unlisted managed funds. ASX is considering closing the service.

ACCC Proposes Reforms to Australia’s Merger Laws

By Editors | 16/04/2023

Current laws do not require merger parties to notify the ACCC of planned mergers, or to wait for clearance before they complete the merger.

Australia Consults on Super Fund Financial Reporting Requirements

By Sanday Chongo Kabange | 13/04/2023

New financial reporting and auditing requirements for super funds will be consistent with those that apply to public companies and registered schemes.