AUSTRALIA

Enforcement

ASIC Probing ANZ for Underpaid Interest, Hardship Provisions

By Editors | 23/01/2025

ASIC reportedly investigating allegations that ANZ miscalculated interest on thousands of customer savings accounts.

ESG / Sustainability

Australia Proposes Immunity Provisions for Sustainability Reports

By Thisanka Siripala | 23/01/2025

The limited immunity provisions are aimed at protecting businesses from certain liabilities and encouraging early adoption of sustainability reporting.

ESG / Sustainability

Super Fund CEOs Highlight Climate Risk Reporting Challenges

By Sanday Chongo Kabange | 22/01/2025

APRA and ASIC called on industry bodies to play a bigger role in supporting super funds including developing a code to facilitate collaboration

Enforcement

Australia to Bolster Enforcement Powers of ACMA

By Thisanka Siripala | 21/01/2025

Maximum penalties for breaches of industry codes and standards will be raised from A$250,000 to A$10mn.

Fintech / Regtech

ASIC Calls on BNPL Providers to Act Early to Secure Licence

By Sanday Chongo Kabange | 21/01/2025

A law passed in December requires BNPL providers to have a licence by 10 June 2025, subject to transitional arrangements

ASIC Appoints New CEO to Spearhead Next Phase of Transformation

By Thisanka Siripala | 17/01/2025

Starting 17 March 2025, ASIC’s new CEO will be Scott Gregson, who has been at the ACCC for nearly 30 years and currently serves as its CEO.

AML / KYC

Australia Launches Nationwide Scam Awareness Campaign

By Sanday Chongo Kabange | 16/01/2025

The ‘Fighting Scams Campaign’ aims to increase awareness and action of “three simple, memorable steps” to safeguard against scams.

Enforcement

AFCA Working to Resolve Complaints from Latitude Cyber Attack

By Thisanka Siripala | 16/01/2025

AFCA has 224 open complaints over the 2023 cyber-attack at Latitude Financial Services, all of which should be resolved by 30 June 2025.

AML / KYC

AUSTRAC Gains Expanded Powers Under Amended AML/CTF Act

By Sanday Chongo Kabange | 14/01/2025

Law firm Corrs Chambers Westgarth said the new powers, and the speed with which they have taken effect, could indicate that AUSTRAC will pursue individuals more actively