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AML / KYC
Australia Consults on New Beneficial Ownership Disclosure Regime
By Manesh Samtani | 08/11/2022
The first phase will require specified entities regulated under the Corporations Act to maintain accurate, up‑to‑date and publicly accessible beneficial ownership registers.
Australia Postpones Financial Adviser Registration Requirement
By Editors | 07/11/2022
Legislation passed last October required financial advisers to register with ASIC by 1 January 2023. The new deadline is 1 July 2023.
Market Infrastructure
APRA Set to Undergo First Review by New Monitoring Body
By Editors | 07/11/2022
The FRAA will focus its first review of APRA on its supervision and resolution functions in relation to superannuation.
Enforcement
ASIC Sets Out Enforcement Priorities for 2023
By Sanday Chongo Kabange | 07/11/2022
ASIC will target greenwashing, predatory lending and crypto investment scams, along with other “enduring” priorities involving misconduct and systemic compliance failures by large FIs.
Australia: Customer Owned Banks Gets New Code of Practice
By Editors | 06/11/2022
The new code establishes obligations for more inclusive banking products, expanded lending obligations and guarantor protections, and greater support for vulnerable customers.
AML / KYC
AUSTRAC Issues Updated Guidance on Due Diligence Obligations
By Editors | 04/11/2022
The first guidance document covers enhanced customer due diligence procedures. The second covers the measures for screening employees and training them on ML/TF risks.
Enforcement
APRA Imposes Licence Conditions on Insignia Group Trustees
By Editors | 04/11/2022
The additional licence conditions require four Insignia trustees to improve their governance and risk management practices, processes and frameworks.
AML / KYC
AUSTRAC Orders AML Audits at Two Corporate Bookmakers
By Editors | 04/11/2022
Sportsbet and Bet365 are among the largest corporate bookmakers in Australia. AUSTRAC chief Nicole Rose said the whole industry is on notice.
Fintech / Regtech
ACCC Studies Data Quality Issues in CDR Ecosystem
By Editors | 03/11/2022
The consultation is gathering views on data quality issues in the CDR ecosystem, the harms they cause, and ways to address them, including through enforcement.
ASIC Publishes Inspection Findings from Six Biggest Audit Firms
By Editors | 01/11/2022
Based on the number of negative findings in the files ASIC assessed, EY demonstrated the highest quality audits, followed by BDO and PwC.
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