AUSTRALIA

    Enforcement

    Australian Police, Banks Issue Joint Warning on Money Mule Accounts

    By Manesh Samtani | 25/07/2025

    ABA CEO Anna Bligh described the use of mule accounts as a "key tactic in a criminal’s playbook" and effectively a "getaway vehicle" for scammers.

    Market Infrastructure

    ASIC Proposes Overhaul of Industry Code Guidance

    By Sanday Chongo Kabange | 24/07/2025

    ASIC has launched a consultation on significant updates to its framework for approving financial and credit sector codes.

    Market Infrastructure

    APRA Unveils Planned Reforms to Boost Banking Competition

    By Sanday Chongo Kabange | 24/07/2025

    APRA has announced a new tiered framework and other measures to ease the burden on smaller banks.

    Enforcement

    New Zealand Debt Collector Fined for Misleading Conduct

    By Sanday Chongo Kabange | 24/07/2025

    The firm, Law Debt Collection and its director, John Stuart Campbell, were prosecuted by the Commerce Commission for wrongfully threatening debtors with credit defaults.

    Enforcement

    New Zealand Regulator Clears Banks of Cartel Conduct in Climate Alliance Probe

    By Sanday Chongo Kabange | 24/07/2025

    The Commerce Commission found no evidence that five banks coordinated lending policies under the Net-Zero Banking Alliance framework.

    Enforcement

    ASIC Puts Bank Boards on Notice Over AI Risks and Governance

    By Sanday Chongo Kabange | 24/07/2025

    ASIC has warned that existing financial services laws apply directly to AI, placing the onus on boards to manage risks of consumer harm.

    Securities / Derivatives

    ASIC Probes Private Credit Markets as Part of Broader Review

    By Manesh Samtani | 23/07/2025

    ASIC is increasing surveillance of fund governance and valuations, with a reform roadmap due in Q4.

    Fintech / Regtech

    New Zealand Slashes Interchange Fees for Visa and Mastercard

    By Manesh Samtani | 23/07/2025

    Commerce Commission finalises caps on card payment fees, aiming to save businesses NZD 100m annually amid concerns over high costs.

    Enforcement

    AUSTRAC Announces Closure of Enforceable Undertaking with PayPal

    By Sanday Chongo Kabange | 22/07/2025

    AUSTRAC has cancelled its enforceable undertaking with PayPal after the company completed a two-year remediation plan.

    Enforcement

    ASIC Sues Fortnum Private Wealth Over Cybersecurity Failures

    By Sanday Chongo Kabange | 22/07/2025

    ASIC claims the financial advice licensee failed to manage cyber risks, exposing thousands of clients to data breaches.

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