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AUSTRALIA
AFCA ‘Refines’ Approach to Dispute Resolution Following Review
By Sanday Chongo Kabange | 10/12/2024
AFCA said it has completed a 3-year programme to respond to an independent review of its operations and “redefined” its approach to external dispute resolution.
APRA Finalises Phase 2 Enhancements to Superannuation Data Collections
By Thisanka Siripala | 10/12/2024
APRA will gain additional information from super funds about governance practices, product distribution arrangements, and investment governance.
Enforcement
ASIC Calls on Government to Ban Unfair Trading in Financial Services
By Sanday Chongo Kabange | 10/12/2024
ASIC’s Alan Kirkland says the proposed ban is needed to combat “dark patterns” which “distort, subvert, and undermine consumer choice”.
AML / KYC
Australia Sets Out Beneficial Ownership Disclosure Policy for Unlisted Companies
By Sanday Chongo Kabange | 09/12/2024
Beneficial ownership information will be accessible to journalists, academics, AML/CTF reporting entities, regulators and law enforcement.
Capital / Liquidity
APRA Proposes Updates to Reporting Standard for Capital Adequacy
By Editors | 08/12/2024
The amendments to ARS 110 account for APRA’s new rules for banks on liquidity management and IRRBB reporting.
AML / KYC
Australia ACMA to Collaborate with UK Ofcom on Combatting Scams
By Sanday Chongo Kabange | 08/12/2024
The ACMA and Ofcom will collaborate and share information to tackle the “pervasive scourge” of spam and scam communications.
Australian Lawmakers Call for Reforms to Address Financial Abuse
By Thisanka Siripala | 07/12/2024
Parliamentary report calls for legislative reforms and for FIs to play a proactive role in identifying and supporting individuals facing financial abuse
Sanctions
China Lifts Remaining Restrictions on Australian Red Meat Imports
By Editors | 06/12/2024
Over the last two years, China has been lifting restrictions on Australian export commodities that started in 2020 amid rising tensions between the two countries.
Enforcement
ASIC Calls Out Breach Reporting Delays & Deficiencies
By Thisanka Siripala | 06/12/2024
A review of the compliance arrangements of 14 licensees identified delays and deficiencies in how they identify, escalate, and report breaches.
AML / KYC
AUSTRAC to Crack Down on Non-compliant Crypto ATM Providers
By Editors | 06/12/2024
AUSTRAC has established an internal taskforce to target crypto ATMs that are being exploited for money laundering, scams and money mule activities.
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