Australia

Enforcement

New Zealand Court Fines Lender for Credit Law Breaches

By Sanday Chongo Kabange | 14/11/2024

Some of Eagle MAN’s loans charged an interest rate of 182.5 percent per annum, on top of credit and default fees.

AML / KYC

Unlocking the Potential of AI in Financial Crime Compliance

By Bradley Maclean | 14/11/2024

New research explores the potential of AI in financial crime compliance, highlighting pressing pain points and offering a roadmap for adoption.

Enforcement

ASIC Sues Cbus Trustee Over Systemic Claims Handling Failures

By Sanday Chongo Kabange | 14/11/2024

ASIC said more than 10,000 members and claimants of Cbus were impacted by slow processing of death benefits and TPD insurance claims.

ESG / Sustainability

New Zealand XRB Adopts Proposals to Ease Climate Reporting Burden

By Manesh Samtani | 13/11/2024

One of the approved amendments will allow an optional one-year delay for assurance of scope 3 GHG emissions disclosures, in recognition of current data challenges.

AML / KYC

Australia’s AGD Issues Supplementary Submission on AML Amendment Bill

By Thisanka Siripala | 13/11/2024

The AGD responds to issues raised in submissions to the Senate Legal and Constitutional Affairs Legislation Committee on certain aspects of the Bill.

Fintech / Regtech

Australia Enhances CDR Regime to Boost Ease of Use

By Sanday Chongo Kabange | 13/11/2024

The changes simplify the consent process and the requirements that apply when accredited banks seek data from a consumer.

Enforcement

Australia Jails Ex-Investment Manager Over False Performance Reports

By Sanday Chongo Kabange | 13/11/2024

The forged portfolio performance verification reports falsely verified or claimed a history of successful investment returns.

AML / KYC

AUSTRAC Launches New System for Enrolment, Registration and Reporting

By Sanday Chongo Kabange | 12/11/2024

AUSTRAC says the new online portal makes it easier and faster to enrol or register a new business and to meet AML/CTF obligations.

Enforcement

Australia: Parliamentary Inquiry Into Big Four Audit Firms Concludes

By Editors | 12/11/2024

The inquiry identified recommendations to enhance governance, transparency, and accountability within the big four firms.