Australia

New Zealand Financial Advice Regime Takes Full Effect

By Sanday Chongo Kabange | 20/03/2023

Transitional licences have expired. All advisers must now hold or operate under a full licence to provide regulated financial advice to retail clients.

Enforcement

AFP Seizes Over A$250m from Money Launderers

By Editors | 18/03/2023

A new taskforce has seized over AUD 250 million in cash and assets from money launderers since December 2022.

Market Infrastructure

ASX Forms New Unit to Focus on Technology & Data

By Sanday Chongo Kabange | 18/03/2023

ASX says the introduction of a CIO role and the creation of a new technology unit will allow a greater focus of efforts on data and technology innovation.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from PayPal

By Editors | 17/03/2023

AUSTRAC says PayPal has cooperated with an enforcement investigation that commenced in December 2020, related to IFTI reporting.

Capital / Liquidity

Australian Regulators to Intensify Banking Sector Supervision

By Sanday Chongo Kabange | 17/03/2023

The CFR will monitor the fallout from the collapse of US banks through ‘intensive supervision’ of Australia’s banking system.

Enforcement

ASIC Issues Interim Stop Orders on Three BT Funds

By Editors | 16/03/2023

ASIC said the TMDs for three funds were “broadly drafted and failed to define key concepts” and did not meet the “appropriateness requirements” under the DDO regime.

Crypto / Digital Assets

Crypto-related Crime in Australia: What Court Records Tell Us, and What Lies Ahead

By Angela Ang | 16/03/2023

Angela Ang considers findings from the first empirical study of crypto-related court cases in Australia, and what this means the crypto crime and enforcement landscape.

ESG / Sustainability

New Zealand Considers Climate Reporting Exemptions for Secondary Listed Issuers

By Sanday Chongo Kabange | 15/03/2023

The exemptions seek to reduce compliance costs for foreign exempt issuers that already produce similar reporting in their home jurisdiction.

Enforcement

Compensation for Poor Advice Reaches A$4.7b: ASIC

By Editors | 14/03/2023

As of end December, the major banks paid or offered to pay almost AUD 4.7 billion (USD 4.2 billion) in compensation to over 1.6 million customers.