Australia

Structural Regulation

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.

Fraud, Scams & Cybercrime

ATO to Compel Banks to Hand Over Landlord Data in Tax Probe

By Editors | 13/04/2023

The Australian Taxation Office is seeking to identify individuals who are failing to meet their tax obligations on residential investment properties.

Conduct, Culture & Accountability

Super Funds that Fail Performance Test Must Improve Communications

By Editors | 13/04/2023

ASIC reviewed the performance communications of four super funds that failed APRA’s annual performance test for the second time last year.

Operational Risk

APRA to Defer Effective Date of New Operational Risk Standard

By Editors | 13/04/2023

APRA will move the effective date for the new operational risk management standard to 1 July 2025, one year later than was proposed.

Data Privacy

ACCC Warns of Penalties for Poor Quality Open Banking Data

By Editors | 10/04/2023

Enforcement efforts will be focused on issues involving the quality of product reference data such as incorrect interest rates and missing data.

CBDCs

ANZ Completes First Use Case Test for CBDC Pilot

By Editors | 10/04/2023

ANZ tokenised ACCUs that were purchased by Grollo Carbon Ventures. Settlement occurred using ANZ’s stablecoin, which was backed by pilot CBDC.

Structural Regulation

Australia Proposes to Improve Superannuation Performance Test

By Editors | 09/04/2023

A review of the YFYS reforms that commenced in September found that the performance can encourage short-termism and discourage.

Anti-Money Laundering

AUSTRAC Provides AML/CTF Exemption for CBDC Pilot

By Sanday Chongo Kabange | 07/04/2023

The exemption applies to CBDC issuance, redemption, exchange, custody, storage, transfer, account opening and other areas for the RBA, pilot participants and customers.

Fraud, Scams & Cybercrime

‘Genesis’ Darknet Market Sanctioned and Shuttered by Authorities

By Editors | 06/04/2023

Law enforcement arrested 119 people and conducted 208 property searches in connection with Genesis Market, a criminal marketplace believed to be located in Russia.