Australia

AML / KYC

AUSTRAC Enhances MOU with Victoria Casino Regulator

By Editors | 27/04/2022

The Victorian Gambling and Casino Control Commission will be provided designated access to AUSTRAC’s financial intelligence database.

AML / KYC

Australia Sanctions More Russian Lawmakers, US Blocks Port Access

By Editors | 26/04/2022

Australia has now sanctioned nearly 750 individuals and entities in response to the war in Ukraine. Russian-affiliated vessels are prohibited from entering US ports.

Enforcement

Australian Court Orders Westpac to Pay A$113m in Penalties

By Editors | 25/04/2022

The penalties are the result of six proceedings brought by ASIC in November. Westpac had already agreed to pay the penalties and customer remediation.

Enforcement

CA ANZ May Discipline 12 KPMG Accountants for Cheating

By Editors | 23/04/2022

More than 400 CA ANZ members were found to have cheated on online training tests, but only 12 are being put through the body’s disciplinary process.

Enforcement

Australia: Deloitte Resolves Case of False Expense Claims

By Editors | 22/04/2022

Former director Paul Quill has reportedly agreed to repay Deloitte for over A$3mn of personal purchases claimed as work expenditures.

Fintech / Regtech

APRA Outlines Expectations on Managing Crypto-Asset Risks

By Ranamita Chakraborty | 22/04/2022

Regulated entities looking to launch crypto-asset-related operations should consult their supervisor first. A longer-term prudential framework is being developed.

AML / KYC

AUSTRAC Issues New Guidance on Ransomware, Crypto Crime

By Manesh Samtani | 21/04/2022

Financial services businesses are asked to use the indicators in the guides in transaction monitoring to detect potential illicit activity and file SMRs.

Crypto / Digital Assets

Australia to Launch First Crypto ETFs Next Week

By Editors | 21/04/2022

Cosmos Asset Management will issue an ETF offering indirect exposure to Bitcoin. 21Shares will offer direct crypto exposures through a Bitcoin ETF and an Ether ETF.

AML / KYC

AIST Seeks Clarity on SoF, SoW Expectations for Super Funds

By Editors | 18/04/2022

AIST is asking AUSTRAC to recognise that super funds are presented with lower risks than other reporting entities, and to align its expectations for SoF and SoW checks accordingly.