Australia

AML / KYC

AFCA Proposes Rule Changes to Improve Handling of Scam Complaints

By Sanday Chongo Kabange | 19/05/2025

The rule changes will enable AFCA to investigate scams involving mule accounts and the actions of receiving banks in scam complaints.

Enforcement

AUSTRAC Fines Cointree for Late Suspicious Transaction Reports

By Mark Johnston | 18/05/2025

Crypto exchange penalised for failing to submit SMRs on time on four occasions. AUSTRAC CEO said timely reporting is critical.

AML / KYC

Australian Data Breaches Hit Record High in 2024

By Thisanka Siripala | 16/05/2025

There were 1,113 data breach notifications in 2024, a 25 percent increase from the incidents reported in 2023.

AML / KYC

AUSTRAC Orders AML/CTF Audit of Mercedes Benz Financial Services

By Sanday Chongo Kabange | 15/05/2025

Almost 90 percent of non-bank lenders and financiers did not report a single suspicious matter to AUSTRAC in 2024.

AML / KYC

Māori Face Persistent Barriers to Capital Access, RBNZ Says

By Mark Johnston | 15/05/2025

RBNZ bulletin highlights persistent financial barriers for Māori entrepreneurs, including land collateral constraints and trust deficits.

Enforcement

ASIC Sues Macquarie Securities Over Short Sales Reporting

By Sanday Chongo Kabange | 14/05/2025

ASIC has sued Macquarie Securities for, what it claims is, repeated and systemic misleading conduct relating to the failure to report the volume of short sales.

AFCA Updates Guidance for Handling Add-on Insurance Disputes

By Sanday Chongo Kabange | 13/05/2025

Financial firms have until 19 May to comply with the updated guidance, which focuses on complaints relating to add-on insurance.

AML / KYC

AUSTRAC Expands Data-Sharing Alliance to Combat Emerging Scams

By Manesh Samtani | 12/05/2025

AUSTRAC’s Fintel Alliance will expand to target money muling, micro-laundering, and other evolving financial crimes.

Market Infrastructure

ACCC Issues Draft Authorisation to Facilitate End of Cheque Use

By Editors | 09/05/2025

The ACCC proposes to authorise AusPayNet and APCS members to work together to facilitate the wind-down of Australia’s cheque system.