Australia

KYC & CDD

AUSTRAC Issues Guidance on Employee Due Diligence

By Editors | 27/03/2023

Guidance is provided on screening and re-screening employees and contractors for money laundering and terrorism financing risks.

Clearing & Post-Trade

Australia Proposes Measures to Improve Competition in Clearing and Settlement

By Sanday Chongo Kabange | 24/03/2023

ASIC will gain rule-making and enforcement powers and the ACCC arbitration powers, enabling them to enhance competition in the provision of clearing and settlement services.

Market Abuse

Australia: Ex-Tesla Director Sentenced for Insider Trading

By Editors | 23/03/2023

Tesla’s Australia director used confidential information to profit from buying and selling Piedmont Lithium shares on the ASX.

Emerging Prudential Risks

APRA Directs Banks to Declare Links to Crypto Firms

By Sanday Chongo Kabange | 23/03/2023

APRA has asked banks to declare and report their business ties to crypto firms and start-ups, which worry increased supervision will make it harder to access financial services.

PEPs & Sanctions

US, UK, EU and Australia Target Iran With New Sanctions

By Editors | 22/03/2023

The sanctions were imposed for human rights abuses and violations as well as the production and supply of drones to Russia.

Anti-Money Laundering

Australia Jails Lawyer for 12 Years in Tax Fraud Case

By Editors | 22/03/2023

The lawyer allowed proceeds of crime to be received and transferred out of his legal practice’s trust account.

Stablecoins

Mastercard Working on Integration to Enable Stablecoin Spending

By Sanday Chongo Kabange | 21/03/2023

The Mastercard-Stables project will allow users to spend stablecoin balances on everyday purchases without first converting it to fiat.

Anti-Money Laundering

Star Entertainment Admits to Breaking QLD Casino Laws

By Editors | 20/03/2023

Star pleaded guilty to seven charges of allowing customers to buy chips with credit cards at its Queensland casinos.

Structural Regulation

New Zealand Financial Advice Regime Takes Full Effect

By Sanday Chongo Kabange | 20/03/2023

Transitional licences have expired. All advisers must now hold or operate under a full licence to provide regulated financial advice to retail clients.