Australia

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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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    Enforcement

    CBA Fined A$10.3m for Underpaying Employees

    By Editors | 20/02/2024

    Across Australia, some 7,400 CBA and CommSec employees were underpaid A$16mn from 2015 to 2021.

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    Capital / Liquidity

    APRA Consults Again on Super Fund Financial Resources Rules

    By Sanday Chongo Kabange | 19/02/2024

    APRA’s new consultation proposes a “simpler approach” to its operational risk financial requirement (ORFR).

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    AML / KYC

    SkyCity Facing NZ Court Proceedings for Alleged AML Failures

    By Sanday Chongo Kabange | 19/02/2024

    The DIA alleges that SkyCity did not meet various obligations required under the AML/CFT Act.

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    Enforcement

    AFP Officer Charged with Stealing Bitcoin from Drug Bust

    By Mark Johnston | 17/02/2024

    The 2019 theft was discovered in 2021, when police implemented new tracing tools and tracked the crypto to Binance.

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    AML / KYC

    Australia FSC Calls for Threshold Change in ‘Sophisticated Investor’ Test

    By Editors | 16/02/2024

    The Financial Services Council warns that if the threshold is left unchanged, more than 20% of households would lose important retail investor protections by 2033.

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    Market Infrastructure

    ASIC Proposes Further Changes to OTC Derivatives Reporting Rules

    By Manesh Samtani | 16/02/2024

    Among other things, the changes will simplify the exchange-traded derivatives exclusion and the scope of foreign entity reporting, as well as remove “alternative reporting”.

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    Enforcement

    ASIC to Hold Directors Accountable for Unethical Lending

    By Sanday Chongo Kabange | 10/02/2024

    Deputy Chair Sarah Court said ASIC will not hesitate to step in to protect vulnerable Australians from unethical lending practices.

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    Sanctions

    Australian Court Rejects Sanctions Challenge from Rusal Founder

    By Editors | 09/02/2024

    The Federal Court ruled that the sanctions imposed on Russian oligarch Oleg Deripaska were valid and proportionate.

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