AUSTRALIA

AML / KYC

Australia Publishes Sanctions Advisory for Crypto Exchanges

By Nithya Subramanian | 10/05/2024

Digital currency exchanges should take “reasonable precautions” and exercise due diligence to prevent sanctions evasion.

Advice Fee Deducted from Super Funds are Too High: ASIC

By Sanday Chongo Kabange | 09/05/2024

ASIC says trustees need to improve their oversight of advice fee deductions from super fund accounts.

Enforcement

ASIC Fines JP Morgan Unit for Failure to Detect Suspicious Trades

By Sanday Chongo Kabange | 09/05/2024

The case highlights that market participants “cannot solely rely on automated trade monitoring systems” to detect potential misconduct.

Enforcement

ASIC Warns Against “Unscrupulous” Cold Calling Conduct

By Sanday Chongo Kabange | 08/05/2024

ASIC is concerned about the use of high-pressure sales tactics to induce inappropriate superannuation switching.

AML / KYC

Authorities Charge Russian Leader of Cybercrime Group LockBit

By Manesh Samtani | 08/05/2024

US prosecutors unsealed 26 charges against Dmitry Khoroshev, who is now also sanctioned by the US, UK and Australia.

ESG / Sustainability

ASIC to Update Guidance for Carbon Market Participants

By Editors | 08/05/2024

The proposed updates seek to address the implications of the safeguard mechanism reforms which commenced on 1 July 2023.

AML / KYC

Australia to Allocate A$166m Towards AML/CTF Reforms

By Sanday Chongo Kabange | 07/05/2024

The budget allocation will enable AUSTRAC to implement reforms to extend the AML/CFT regime to “Tranche 2” entities.

Market Infrastructure

Australia Consults on Regulations for Big Four Auditors

By Editors | 07/05/2024

Treasury is seeking views on stronger powers for the ATO and TPB and regulations for accounting, audit and consulting firms.

Securities / Derivatives

NZX Issues Consultation on Director Independence Settings

By Editors | 06/05/2024

NZX is undertaking a detailed review of its corporate governance settings relating to director independence.