Australia

AML / KYC

NAB Becomes First Aussie Bank to Remove Links From Text Messages

By Sanday Chongo Kabange | 10/07/2023

The move is one of 64 projects completed or underway across NAB to help address the “global scam epidemic”.

Australia says NFTs Are Not Digital Currencies for GST Purposes

By Ranamita Chakraborty | 10/07/2023

The Australian Taxation Office clarifies that it does not consider crypto assets such as non-fungible tokens and stablecoins as digital currencies for GST purposes.

New “Failure to Prevent Bribery” Offence before Australian Parliament

By Abigail McGregor | 07/07/2023

Abigail McGregor and Hoory Yeldizian explain the implications of a new law that will subject corporations to penalties if an associate engages in bribery.

Enforcement

ASIC Fines Openmarkets Record $4.5m for Compliance Failures

By Sanday Chongo Kabange | 06/07/2023

ASIC says Openmarkets did not carry out effective trade surveillance, and banned its former acting head of trading for three years.

Market Infrastructure

Australia Launches New Foreign Ownership Register

By Editors | 06/07/2023

Investors need to notify the new Register within 30 days after they acquire or dispose of an interest or there is a change of at least 5 percent in the interest.

Enforcement

FMA Imposes Permanent Stop Order on Validus International

By Sanday Chongo Kabange | 05/07/2023

The permanent stop order bars Validus and its associated persons from offering or promoting its financial products to New Zealanders.

Market Infrastructure

APRA Reveals Early Results from Cybersecurity Assessments

By Sanday Chongo Kabange | 05/07/2023

APRA identified six common control gaps in the first tranche of CPS 234 assessments, and offers recommendations to address them.

ESG / Sustainability

Australia: New Report Calls into Question Credibility of Corporate Reporting

By Editors | 05/07/2023

The poor quality of disclosure suggests that directors are not taking their responsibility seriously, said Professor Peter Carey at Deakin University.

Enforcement

APRA Fines BNK Banking Corp for Late Reporting of EFS Data

By Sanday Chongo Kabange | 04/07/2023

APRA said BNK Banking Corporation was 32 days late in filing statistical reports for the month ending 28 February 2023.