Australia

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.

Anti-Bribery & Corruption

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.

Structural Regulation

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.

Reporting & Disclosures

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.

Anti-Money Laundering

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”.