Australia

Anti-Money Laundering

International Operation Targeting Money Mules Yields 2,500 Arrests

By Editors | 07/12/2022

The operation involved law enforcement agencies in 25 countries including Singapore and Australia, supported by Europol, Eurojust, INTERPOL and the EBF.

Conduct, Culture & Accountability

ASIC Sues Amex in First Court Case Involving DDO Breaches

By Editors | 07/12/2022

ASIC alleges that American Express Australia breached its design and distribution obligations in relation to two credit cards it issued and co-branded with retailer David Jones.

Anti-Money Laundering

AUSTRAC Consults on Drafts Guidance to Address Debanking

By Sanday Chongo Kabange | 05/12/2022

FIs should consider a remitter’s, DCE’s or fintech’s registration with AUSTRAC as a mitigating factor when assessing its ML/TF risks.

Conduct, Culture & Accountability

NZ FMA Publishes Guidance on New Conduct Licensing Regime

By Sanday Chongo Kabange | 04/12/2022

The FMA will begin accepting licence applications on 25 July 2023. The new CoFi regime will come into force in early 2025.

Resolution & Recovery

APRA Finalises Standards on Recovery and Exit Planning

By Editors | 04/12/2022

The new standard will come into effect from 1 January 2024 for banks and insurers and from 1 January 2025 for RSE licensees.

Reporting & Disclosures

ASIC Fines Vanguard Australia for ‘Greenwashing’ in Funds

By Editors | 02/12/2022

Vanguard’s exclusion was meant to prevent investment in companies that sell tobacco products, but its screen only excluded manufacturers and not sellers.

Data Privacy

APRA Pledges to Minimise Burden of New Data Collections

By Editors | 02/12/2022

APRA says it is committed to “early and frequent” engagement with the industry on its new data collections, what it calls a “co-design approach”.

Climate Risk

APRA Unveils Results of Big Bank Climate Vulnerability Assessments

By Editors | 01/12/2022

The CVA results suggest that climate risk impacts and bank loan losses are likely to be concentrated in specific regions and industries.

Anti-Money Laundering

AUSTRAC Commences Court Proceedings Against Star Casinos

By Manesh Samtani | 01/12/2022

Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of “an innumerable number” of other breaches.