Australia

AML / KYC

Eftpos Launches Business to Make Digital IDs Interoperable

By Ranamita Chakraborty | 30/06/2021

ConnectID acts as a ‘broker’ between identity providers, securely facilitating identity verification and data exchange, without storing identity data.

Enforcement

ASIC Product Intervention Order Upheld in Full Federal Court

By Editors | 30/06/2021

ASIC is entitled to consider not just the characteristics of a relevant financial product, but also the particular circumstances in which it is supplied, the Court said.

Australia Introduces Bill to Improve Financial Advice

By Editors | 30/06/2021

FASEA’s functions will transfer to the Treasury and ASIC. New disciplinary and registration systems for financial advisers will apply from January 2022.

Crypto / Digital Assets

NZ FMA Warns Influencers Against Providing Financial Advice

By Ranamita Chakraborty | 30/06/2021

Social media influencers do not want to find themselves caught offering advice they’re not qualified or authorised to give, warns FMA chief Rob Everett.

AML / KYC

CBA Contractors May Have Cut Corners on Compliance Tasks

By Editors | 29/06/2021

Contract workers reportedly had to cut corners on compliance tasks to meet their KPIs, including by copy and pasting text from templates to fill reports sent to AUSTRAC.

AML / KYC

AUSTRAC Assesses Risk in Non-bank Lending & Financing Sector

By Editors | 29/06/2021

The main threat facing the non-bank lending and financing sector is fraud, particularly loan application fraud, identity fraud and welfare fraud.

AML / KYC

Australia: Senate Committee Calls for Submissions in AML Inquiry

By Editors | 27/06/2021

The inquiry will explore the adequacy and efficacy of Australia’s AML/CTF regime. The terms of reference have been published.

Market Infrastructure

Australia Passes Bill to Establish Monitoring Body for ASIC, APRA

By Ranamita Chakraborty | 27/06/2021

In its first year, the FRAA will assess ASIC to ensure it is operating in line with expectations and supporting the economic recovery.

Enforcement

ASIC Removes SocGen Securities Licence Conditions

By Ranamita Chakraborty | 27/06/2021

Independent expert did not identify any deficiencies in the adequacy and effectiveness of SocGen’s client money controls.