Australia

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AUSTRAC Issues Draft Guidance on AML/CTF Outsourcing Arrangements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.

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.

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”.

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.

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.

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.

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.

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.

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.