AUSTRALIA

Enforcement

New Zealand’s Kiwibank Fined for Breaches of Fair Trading Act

By Nithya Subramanian | 29/11/2024

The Commerce Commission has penalised Kiwibank for overcharging 35,000 customers a total NZD 6.8 million.

AML / KYC

Australian Parliament Passes Historic AML/CTF Amendment Bill

By Thisanka Siripala | 29/11/2024

The bill extends AML/CTF obligations to lawyers, accountants, TCSPs, real estate professionals, and dealers in precious metals and stones.

Sanctions

New Zealand Targets Russian, Iranian Actors With New Sanctions

By Editors | 29/11/2024

The sanctions target those involved in the deployment of chemical weapons against Ukraine and the provision of Iranian weapons to Russia.

Capital / Liquidity

APRA Establishes New “Specialist Geopolitical Risk Team”

By Thisanka Siripala | 28/11/2024

The “specialist geopolitical risk team” is collaborating with other regulators to examine how global shocks may reach Australia and impact the financial system.

Market Infrastructure

ASX Targets 2029 Delivery for CHESS Replacement Project

By Sanday Chongo Kabange | 28/11/2024

Release 1 (clearing services) will be delivered by 2026 and Release 2 (settlement and subregister services) in 2029.

ESG / Sustainability

Australian Investors Demand Greater Adaptation Action

By ESG Investor | 28/11/2024

New nature legislation and updated Modern Slavery Act are also key priorities ahead of 2025 federal elections.

APRA, ASIC Finds “Possible Gaps” in FAR Implementation by Banks

By Sanday Chongo Kabange | 27/11/2024

APRA and ASIC identified possible gaps in registration and notification lodgements made since the FAR commenced for the banking industry in March.

Fintech / Regtech

Australia Consults on Expanding CDR Regime to Non-Bank Lending

By Sanday Chongo Kabange | 27/11/2024

The proposed draft rules will allow consumers to share their bank data with non‑bank lenders for products like residential mortgages and car loans.

ASIC Updates Guidance to Support Reforms Under DBFO Act

By Thisanka Siripala | 26/11/2024

ASIC issued new and updated regulatory guidance in response to the DBFO Act, which was enacted to improve transparency and consumer protections in financial services.