The rules strengthen requirements for firms to protect customers and implement transaction management and process controls.
January 24, 2023China Merchants Bank, China Merchants Bank, UnionPay, and 26 of their responsible persons were fined for a total 31 regulatory violations.
January 10, 2023If there is no change in a customer’s KYC information, only a self-declaration is required to complete the re-KYC process.
January 10, 2023The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.
December 9, 2022Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of "an innumerable number" of other breaches.
December 1, 2022Crypto firm bZeroX transferred its software protocol to a DAO and then marketed this as a way to be "enforcement-proof".
September 29, 2022NAB's action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.
May 4, 2022The SBV has warned of fraud incidents involving e-wallets and asks banks to monitor the use of data by fintechs until the new regulatory framework is in place.
April 17, 2022A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.
March 16, 2022MYbank failed to perform customer identification obligations, preserve identity information and transaction records, and report suspicious transactions.
February 10, 2022