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Australia
Australia to Review Compensation Scheme of Last Resort
By Thisanka Siripala | 03/02/2025
The review will address concerns that the scheme will largely be funded by financial advisers, which will increase the cost of financial advice for consumers.
Enforcement
Australian Federal Court Sides With APRA in BUSSQ Case
By Thisanka Siripala | 03/02/2025
BUSSQ had challenged APRA’s decision to require the firm to engage an independent expert to review its processes for assessing fitness and propriety
Australia to Introduce Mandatory Service Standards for Super Funds
By Thisanka Siripala | 02/02/2025
The standards will focus on improving how death benefit payouts are handled, how insurance claims are processed and how super funds communicate with members
Enforcement
Australia Identifies 5,000 Potential Victims of Romance Scams
By Sanday Chongo Kabange | 01/02/2025
The potential victims were identified from devices found by Philippine authorities at a Manila-based scam compound
APRA Publishes New Data on Super Fund Expenditures
By Thisanka Siripala | 31/01/2025
The data shows that Hostplus spending on sponsorships in the 2024 financial year made up 43% of what all super funds spent collectively.
AML / KYC
ASIC Calls Out Super Funds for Weak Anti-Scam Practices
By Thisanka Siripala | 31/01/2025
None of the 15 superannuation trustees that were reviewed by ASIC had an organisation-wide scams strategy in place
Sanctions
Australia Issues New Guidance on Sanctions Compliance
By Editors | 30/01/2025
The ASO also released a Sanctions Compliance Toolkit and a Sanctions Risk Assessment Tool to facilitate compliance with Australian sanctions laws
AML / KYC
Australian Banks Call Out Meta for Failing to Tackle Scams
By Thisanka Siripala | 30/01/2025
CBA and Westpac said in parliamentary submissions that Meta is failing to take action to remove scam-related pages and posts on Facebook.
Enforcement
New Zealand Starts Publishing More Data on Banking Complaints
By Thisanka Siripala | 28/01/2025
Kiwibank had the highest number of total cases for the October to December quarter when adjusted for market cap
Fintech / Regtech
New Zealand to Create New Agency to Draw in Foreign Investment
By Thisanka Siripala | 28/01/2025
Invest New Zealand will serve as the government’s primary point of contact for foreign investors, offering streamlined access to key sectors.
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