Australia

    AML / KYC

    AUSTRAC Updates Guidance on Reporting Cash Transactions

    By Editors | 28/06/2022

    When a customer makes multiple cash transactions of A$10,000 or more, each individual transaction is considered a separate and distinct designated service.

    ASIC Issues New Guidance on Product Design and Distribution

    By Editors | 28/06/2022

    ASIC has identified behavioural levers that can influence consumer outcomes and situational vulnerabilities that can amplify poor outcomes.

    Securities / Derivatives

    ASIC Demands More Transparent Communications from Super Trustees

    By Editors | 26/06/2022

    The communication strategies of some trustees may have risked confusing or misleading members about their product’s performance, ASIC said.

    Securities / Derivatives

    ASIC Issues Guidance on CCIV Registration, Licensing

    By Sanday Chongo Kabange | 24/06/2022

    To register a CCIV and initial sub-fund, a corporate director would first need to obtain an AFS licence, which can be a variation of an existing licence.

    AML / KYC

    NSW to Strengthen State AML Laws to Target Organised Crime

    By Editors | 24/06/2022

    New legislation will be introduced around September to enable police to stop-and-search for and seize unexplained wealth and ban encrypted devices.

    Market Infrastructure

    NZ FMA Issues Guidance on Financial Sector Cyber Resilience

    By Editors | 24/06/2022

    The financial services sector recorded more cyber incidents than all other industries in New Zealand in the quarter ending March.

    AML / KYC

    AUSTRAC Focuses Efforts on Gambling Sector, Prosecutions

    By Sanday Chongo Kabange | 22/06/2022

    AUSTRAC CEO Nicole Rose says the gambling sector must invest in robust compliance and AML programmes.

    FMA Set Out Plan for Identifying Cases of Auditor Misconduct

    By Editors | 22/06/2022

    The FMA will perform audit quality reviews every two years for the big 4 audit firms and once every three years for the other registered audit firms.

    Enforcement

    Australian Court Sentences CFD Trader for Insider Trading

    By Editors | 21/06/2022

    The CFD trader made AUD 343,000 in profit by trading on inside information regarding a takeover bid for PanAust Limited.

    Enforcement

    Australia: Allianz, AWP Plead Guilty for Making False Statements

    By Editors | 19/06/2022

    Charges were filed against Allianz Australia Insurance and AWP Australia in February last year.

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