AUSTRALIA

AML / KYC

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.

AML / KYC

Australia Issues Warning Against Money Recovery Scams

By Sanday Chongo Kabange | 10/07/2024

The National Anti-Scam Centre says ongoing scam losses highlight the need to introduce mandatory industry codes as soon as possible.

Enforcement

PayPal Used Unfair Contract Term, Australian Court Rules

By Sanday Chongo Kabange | 10/07/2024

The Federal Court ruled that PayPal’s standard form contracts with small business customers contained an unfair contract term.

AML / KYC

AUSTRAC Releases Two National Risk Assessments

By Editors | 09/07/2024

The NRAs provide an understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.

Australia Introduces New Disclosure Rule for Public Companies

By Sanday Chongo Kabange | 09/07/2024

All companies open to investment by the public must disclose all their subsidiaries, regardless of size or materiality.

Australia Tables Legislation to Adopt Global Minimum Tax

By Sanday Chongo Kabange | 09/07/2024

The legislation will set a global and domestic minimum tax rate for multinational enterprise groups including banks.

ESG / Sustainability

ACCC Consults on Guidance for Sustainability Collaborations

By Sanday Chongo Kabange | 08/07/2024

The guide is intended to assist businesses considering working together to achieve positive environmental outcomes without breaching Australian competition law.

Market Infrastructure

Senate Inquiry Recommends Complete Overhaul of ASIC

By Sanday Chongo Kabange | 08/07/2024

Senator Andrew Bragg said too many Australians have been hurt by ASIC’s “persistent failure” to enforce the law and win prosecutions.

Capital / Liquidity

APRA Finalises Revisions to IRRBB Standard

By Manesh Samtani | 08/07/2024

The revisions will reduce volatility in the IRRBB capital charge and ensure a more proportionate approach across banks.