Australia

Anti-Money Laundering

AUSTRAC Spares Bell Financial from Further Regulatory Action

By Sanday Chongo Kabange | 03/07/2023

AUSTRAC received audit reports for three Bell Financial Group entities and decided not to undertake further regulatory action against them.

Fraud, Scams & Cybercrime

Australia Launches New National Anti-Scam Centre 

By Sanday Chongo Kabange | 02/07/2023

A ‘fusion cell’ is being set up within the NASC, led by the ACCC and ASIC, to target the effective disruption of investment scams.

Cryptocurrency

RBNZ to Develop Monitoring Capabilities for Crypto Markets

By Sanday Chongo Kabange | 02/07/2023

The RBNZ is not planning to introduce a regulatory framework for cryptoassets until global best practice becomes clearer.

Resolution & Recovery

New Zealand Passes Bill to Enhance Depositor Protections

By Editors | 30/06/2023

The new deposit protection scheme will commence by late 2024, guaranteeing up to NZ$100,000 per depositor, per institution.

Anti-Money Laundering

NZ Court Fines Tiger Brokers for AML Failures

By Sanday Chongo Kabange | 30/06/2023

Tiger Brokers ordered to pay NZD 900,000 penalty for multiple AML/CFT breaches between April 2019 and January 2020.

Supervision & Enforcement

ASIC Directs Super Funds to Consolidate Duplicate Member Accounts

By Sanday Chongo Kabange | 29/06/2023

ASIC warned it will take enforcement action against trustees who do not comply with their obligations to identify and merge duplicate member accounts.

KYC & CDD

Australia Commits to Taking Action to Address Debanking

By Sanday Chongo Kabange | 29/06/2023

Treasury will work with APRA and the four major banks to design and scope a voluntary data collection on de-banking.

Clearing & Post-Trade

ASX CHESS Replacement Project Under Continued Scrutiny

By Sanday Chongo Kabange | 28/06/2023

ASIC chair Joe Longo said ASX had an “engagement problem” and that officials were working to boost oversight of the CHESS replacement project.

Conduct, Culture & Accountability

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.