Australia

AML / KYC

NZ Court Fines Tiger Brokers for AML Failures

By Sanday Chongo Kabange | 30/06/2023

Tiger Brokers ordered to pay NZD 900,000 penalty for multiple AML/CFT breaches between April 2019 and January 2020.

Enforcement

ASIC Directs Super Funds to Consolidate Duplicate Member Accounts

By Sanday Chongo Kabange | 29/06/2023

ASIC warned it will take enforcement action against trustees who do not comply with their obligations to identify and merge duplicate member accounts.

AML / KYC

Australia Commits to Taking Action to Address Debanking

By Sanday Chongo Kabange | 29/06/2023

Treasury will work with APRA and the four major banks to design and scope a voluntary data collection on de-banking.

Market Infrastructure

ASX CHESS Replacement Project Under Continued Scrutiny

By Sanday Chongo Kabange | 28/06/2023

ASIC chair Joe Longo said ASX had an “engagement problem” and that officials were working to boost oversight of the CHESS replacement project.

FMA Issues Guidance on Intermediated Distribution of Financial Products

By Sanday Chongo Kabange | 28/06/2023

The guidance sets out the FMA’s expectations on the distribution of financial products through intermediaries under the new CoFi regime.

AML / KYC

Australia Set to Launch National Anti-Corruption Commission

By Sanday Chongo Kabange | 28/06/2023

The National Anti-Corruption Commission will commence operations on 1 July, with powers to investigate corrupt conduct.

Market Infrastructure

Australia Finalises Review of ASIC Funding Model

By Sanday Chongo Kabange | 28/06/2023

The review recommends that ASIC enhance its reporting, transparency and consultation arrangements on the industry funding model.

ESG / Sustainability

Australia Issues Second Consultation on Climate Disclosures

By Ranamita Chakraborty | 28/06/2023

The Australian government is looking to enforce mandatory climate-related reporting obligations for the country’s largest companies and financial institutions starting from 1 July 2024.

AML / KYC

AUSTRAC Issues New Guidance to Address Debanking

By Sanday Chongo Kabange | 28/06/2023

AUSTRAC discourages the “indiscriminate and widespread closure of accounts across entire industries”.