Australia

Data Privacy

Australia Fines Meta A$20m Over Misleading Data Usage Practices

By Editors | 27/07/2023

Australian Federal Court ordered Meta’s subsidiaries to pay AUD 20 million over deceptive consumer data usage, impacting over 270,000 users.

KYC & CDD

Australia: National Digital ID System Could Launch Within 12 Months

By Editors | 27/07/2023

Australia’s national digital ID system to revolutionise identity verification, streamline processes and enhance security.

Anti-Money Laundering

UK and Australia Illicit Financing Co-ordination Dialogue

By Editors | 27/07/2023

High-level dialogue between UK and Australia reaffirms commitment to combat illicit financing and corruption.

Reporting & Disclosures

ASIC Lodges Court Action Against Vanguard for Alleged Greenwashing

By Editors | 26/07/2023

ASIC said Vanguard falsely claimed the index it used excluded issuers with significant business activities involving fossil fuels.

Conduct, Culture & Accountability

FMA Starts Accepting Licence Applications Under CoFI Regime

By Ranamita Chakraborty | 26/07/2023

The FMA urges firms to prepare their applications “as early as possible” to ensure they can continue providing services after 31 March 2025.

CBDCs

Westpac and CBA Pilot Test Digital Australian Dollar

By Editors | 25/07/2023

Westpac and CBA used a CBDC to execute trades with certificates of deposit. Imperium Markets hosted the trades on its marketplace.

Fraud, Scams & Cybercrime

Australia’s New Anti-Scam Centre Holds First Advisory Board Meeting

By Editors | 24/07/2023

The Advisory Board agreed to develop a naming convention for scams that will underpin the data sharing and analytics needed to disrupt scams.

Operational Risk

APRA Finalises Guidance on Super Fund Investment Governance

By Editors | 23/07/2023

The guidance covers liquidity management, stress testing, valuation practices, and ESG expectations.

Data Privacy

Australia Approves Final Operational Enhancements To CDR Rules

By Sanday Chongo Kabange | 22/07/2023

Assistant treasurer Stephen Jones says the operational enhancements to the CDR rules will keep small business and customer data safer.