AUSTRALIA

Enforcement

ASIC Investigating Financial Hardship Practices at Lenders

By Manesh Samtani | 07/06/2024

ASIC commenced court action against one major bank last year. Three other lenders are under formal investigation.

Australia Introduces Legislation to Regulate BNPL Sector

By Sanday Chongo Kabange | 06/06/2024

BNPL providers will need to hold a licence and comply with existing credit laws, including requirements to conduct affordability checks.

ESG / Sustainability

Active Super Engaged in Greenwashing, Australia Court Rules

By Sanday Chongo Kabange | 06/06/2024

Active Super made “misleading” and “deceptive” representations regarding exclusions applied to gambling, coal mining, Russian entities and oil tar sands investments.

Crypto / Digital Assets

No Penalty for Block Earner, Australian Court Rules

By Sanday Chongo Kabange | 05/06/2024

The Federal Court said Block Earner will not have to pay a penalty as it acted “honestly” before offering its “Earner” product.

ESG / Sustainability

Australia Launches Inaugural Sovereign Green Bond

By Editors | 05/06/2024

The 10-year bonds, oversubscribed by more than 300 percent, will “deliver significant environmental benefits”.

Enforcement

APRA Fines Superannuation Trustee for Late Reporting

By Sanday Chongo Kabange | 05/06/2024

APRA said Equity Trustees Superannuation lodged 15 reporting forms late for two funds under its trusteeship.

Crypto / Digital Assets

Cboe Australia Commences Trading in New Bitcoin ETF

By Editors | 05/06/2024

The new ETF, launched by Monochrome Asset Management, is the first in Australia to hold crypto assets directly.

Fintech / Regtech

New Zealand XRB Calls for Mandatory Digital Financial Reporting

By Sanday Chongo Kabange | 05/06/2024

The XRB says New Zealand should mandate digital financial reporting for entities that participate in financial markets.

AML / KYC

AUSTRAC Issues New Guidance on Money Mule Detection

By Sanday Chongo Kabange | 04/06/2024

The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.