Australia

AML / KYC

AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

By Editors | 22/02/2022

The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.

APRA Proposes to ‘Sharply’ Increase Superannuation Transparency

By Sanday Chongo Kabange | 21/02/2022

APRA plans to start publishing new aggregate industry, fund-level and product-level statistics on superannuation from June.

AML / KYC

AUSTRAC Orders Bell Financial to Address AML Compliance Issues

By Editors | 17/02/2022

An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.

Enforcement

Advice Compensation Paid by Aussie Majors Tops A$3b

By Editors | 16/02/2022

As at end-2021, Australia’s major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.

Market Infrastructure

Australia to Further Refine Foreign Investment Regime

By Editors | 16/02/2022

The government is seeking views on further refinements to the foreign investment framework to ensure it remains fit for purpose.

Fintech / Regtech

Australia Commences Review of Consumer Data Right

By Editors | 16/02/2022

The review will explore the extent to which implementation of the CDR drives value for consumers, increases competition, and drives innovation in data services.

Market Infrastructure

ASX Proposes Changes to Rules on Investment Loss Allocation

By Editors | 14/02/2022

The changes relate to the allocation of US settlement bank investment losses that arise from the inclusion of variation margin exposures in ASX Clear (Futures) overnight margin calls.

Enforcement

Prosecutors Drop Criminal Cartel Case Against Citi, Deutsche

By Editors | 13/02/2022

Australia’s top prosecutor concluded that there were no longer reasonable prospects of convicting Citigroup, Deutsche Bank and four former executives.

AML / KYC

Australia Senate Introduces Tranche 2 Reform Bill, Again

By Manesh Samtani | 13/02/2022

The bill, if passed, will help fulfill a nearly 16-year-old commitment to bring gatekeeper professions within Australia’s AML regime, and require the establishment of a public UBO register.