Australia

AML / KYC

AUSTRAC Establishes Operational Response To Israel-Gaza Conflict

By Sanday Chongo Kabange | 02/11/2023

AUSTRAC advises reporting entities to report any suspicious transactions they identify as part of the “important role” they play in stopping financial crime.

Securities / Derivatives

Australia Commences Review of 2021 Disclosure Law Amendments

By Editors | 01/11/2023

The review will seek to determine whether the 2021 amendments are working as intended.

Enforcement

APRA Applies A$20m Capital Charge to RAC Insurance

By Sanday Chongo Kabange | 01/11/2023

APRA said its review of RAC Insurance revealed “significant weaknesses” in its outsourcing controls, conflict management and board decision making.

Fintech / Regtech

Integration of AI, Fintech, ESG Gets Underway 

By Jill Wong | 31/10/2023

The financial industry is accelerating its interest around three main themes – fintech, ESG and AI.

ESG / Sustainability

FMA Updates Guidance on Climate-related Scenario Analysis

By Sanday Chongo Kabange | 31/10/2023

The FMA’s updated climate-related scenario analysis guidance includes additional details on quantification, further clarification and context.

Capital / Liquidity

APRA Adopts Changes to Credit Risk Reporting Standard

By Editors | 30/10/2023

The reporting standard for counterparty credit risk is being amended so it only applies to significant financial institutions.

AML / KYC

Penalties for Non-Enrolment with AUSTRAC to Start on 9 Nov

By Editors | 26/10/2023

Businesses that provide designated services without enrolling with AUSTRAC will accrue daily penalties starting from 9 November.

AML / KYC

AFP Arrests Seven Over $228m Money Laundering Scheme

By Editors | 26/10/2023

The seven are being charged under the “most complex AFP-led money-laundering investigation in the nation’s history”.

Fintech / Regtech

Australian Fintech Consortium Launches Solution to Tackle Verification and Identity Theft

By Mark Johnston | 25/10/2023

AP+ launches ConnectID, a service that lets customers verify their identity without oversharing their data, becoming the first non-government accredited […]