AUSTRALIA

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    Enforcement

    Australia Fines Telstra for Failure to Authenticate Customer IDs

    By Editors | 18/07/2024

    The ACMA said Telstra failed to use ID authentication processes for 168,000 high-risk customer interactions, such as SIM-swap requests and password resets.

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    Enforcement

    APRA Orders Superannuation Trustee to Address Data Issues

    By Sanday Chongo Kabange | 17/07/2024

    APRA requires Fiducian Portfolio Services to fix issues related to the accuracy and completeness of data submitted for the superannuation performance test.

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    Enforcement

    Australia Convicts Ex-Crypto Promoter for Unlicensed Financial Advice

    By Sanday Chongo Kabange | 16/07/2024

    John Bigatton was convicted for providing unlicensed financial advice when he promoted BitConnect in seminars and on social media.

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    Enforcement

    ASIC Intervenes to Secure Fee Refunds for Bank Customers

    By Sanday Chongo Kabange | 16/07/2024

    ANZ, Bendigo and Adelaide Bank, CBA and Westpac will refund over A$28mn to low-income customers who were charged inappropriately high fees.

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    AML / KYC

    AUSTRAC to Deliver New Reporting Platform in “Coming Months”

    By Editors | 15/07/2024

    AUSTRAC said in 2021 that it would be replacing its reporting system. The final stage of features will be delivered in the “coming months”.

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    NZ Aligns Rules Across Dispute Resolution Schemes

    By Editors | 14/07/2024

    The maximum compensation limit is being aligned at NZ$500,000 across four financial dispute resolution schemes.

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    Enforcement

    ANZ Under Scrutiny for Misreported Bond Trading Data

    By Editors | 14/07/2024

    ANZ reportedly overstated the value of government bonds it traded and amplified its ranking against peer banks.

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    Market Infrastructure

    FAR Guidance Finalised for Insurance, Superannuation Industries

    By Sanday Chongo Kabange | 12/07/2024

    ASIC and APRA have completed the total package of guidance materials for the Financial Accountability Regime.

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    Australia AGD Moves to Reform Bankruptcy Law

    By Sanday Chongo Kabange | 12/07/2024

    Attorney-General Mark Dreyfus said the amendments would ensure a fairer outcome for debtors in the personal insolvency system.

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    Sanctions

    New Zealand Announces New Russia-related Sanctions

    By Editors | 12/07/2024

    The sanctions target Russian weapons manufacturers, as well as the supply of Iranian drones and North Korean weapons to Russia.

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