Australia

AML / KYC

Australia Introduces AML/CTF Reform Bill to Parliament

By Sanday Chongo Kabange | 11/09/2024

The amendment bill will bring tranche 2 entities into scope and modernise the regulation of virtual assets and payments tech.

Market Infrastructure

Australia and Japan Pledge Deeper Cybersecurity, Defence Ties

By Thisanka Siripala | 11/09/2024

Australia and Japan have strengthened their cybersecurity ties with the launch of the Pacific Digital Development Initiative.

ESG / Sustainability

Australia Releases Interim Report on Taxonomy Development

By Sanday Chongo Kabange | 11/09/2024

The report sets out the progress made towards the development of Australia’s sustainable finance taxonomy.

AML / KYC

Stronger AML Controls Needed to Combat Organised Crime: AIC

By Thisanka Siripala | 10/09/2024

The Australian Institute of Criminology found that money laundering activity by organised crime groups leads to increases in crime-related harm.

Fintech / Regtech

New Zealand FIs Taking ‘Cautious Approach’ to AI Adoption – FMA

By Sanday Chongo Kabange | 10/09/2024

The FMA conducted research to better understand how regulated entities are exploring the adoption of AI, to help shape an appropriate regulatory framework.

ASIC Updates Misconduct Reporting Guidance for Administrators

By Thisanka Siripala | 10/09/2024

The guidance encourages administrators to use their professional judgment to make case-by-case assessments before reporting misconduct​.

Capital / Liquidity

APRA Proposes to Move Away from AT1 Capital Instruments

By Thisanka Siripala | 10/09/2024

APRA is proposing to phase out AT1 capital instruments in favour of more reliable forms of capital, such as Tier 2 and CET1 capital.

Enforcement

APRA Seeks Court Order to Disqualify First Super Co-chair

By Thisanka Siripala | 10/09/2024

APRA alleges Micheal O’Connor failed to meet the required standards of care and diligence required of a prudent superannuation entity director.

Enforcement

Australia’s New Anti-Foreign Bribery Law Comes into Force

By Sanday Chongo Kabange | 10/09/2024

Under the new law, companies will be held directly liable for failure to prevent foreign bribery by employees, external contractors, agents and subsidiaries.