Australia

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    AML / KYC

    AUSTRAC Issues Draft Guidance on AML/CTF Outsourcing Arrangements

    By Manesh Samtani | 27/02/2024

    The guidance is intended to help reporting entities comply with their AML/CTF obligations when outsourcing to external providers.

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    Market Infrastructure

    Australia: Misconduct Compensation Scheme to Start in April

    By Sanday Chongo Kabange | 27/02/2024

    Compensation up to A$150,000 can be provided for misconduct related to financial advice, securities dealing or credit intermediation/provision.

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    Market Infrastructure

    Australian Senator Calls for New Financial System Inquiry

    By Editors | 26/02/2024

    Senator Andrew Bragg said ASIC and APRA are failing in their mandates and that the twin peaks model has “had its day”.

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    Enforcement

    SkyCity Adelaide Faces A$33M Penalty for Casino Tax Dispute

    By Mark Johnston | 26/02/2024

    SkyCity estimates it owes about A$13mn in back taxes dating back to 2014. Penalty interest could amount to as much as A$20mn.

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    Sanctions

    New Sanctions Packages Announced to Mark Ukraine War Anniversary

    By Editors | 25/02/2024

    The US, EU, Canada, Japan and Australia announced new Russia-related sanctions, including Chinese, Indian, South Korean and Thai companies among their targets.

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    Crypto / Digital Assets

    The Future of Securities Tokenisation and Crypto Regulation 

    By Hannah Cassidy | 22/02/2024

    With crypto currencies and assets firmly lodged in the public mind, regulators need to lay guardrails to facilitate innovation and combat misbehaviour.

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    ASIC Calls on Industry to Give Better Advice on Choice Super

    By Sanday Chongo Kabange | 22/02/2024

    An ASIC review found that members “persistently” invest in underperforming Choice products that “adversely” impact their retirement outcomes.

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    AML / KYC

    CBA Becomes First Australia-based LEI Validation Agent

    By Editors | 21/02/2024

    CBA can now obtain and maintain LEIs for clients leveraging its ‘business-as-usual’ KYC and onboarding processes.

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    AML / KYC

    Australia to “Shortly” Issue New Consultation on Tranche 2 AML Reforms

    By Manesh Samtani | 20/02/2024

    Officials said feedback to last year’s consultation was “very supportive” and the upcoming consultation will be more detailed.

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    Australian Competition Tribunal Approves ANZ-Suncorp Merger

    By Sanday Chongo Kabange | 20/02/2024

    ANZ and Suncorp welcomed the decision, while acknowledging that additional approvals are still needed to complete the deal.

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