Australia

AML / KYC

Australian Police Dismantle Money Laundering Syndicate

By Sanday Chongo Kabange | 03/12/2024

The AFP has arrested four men and dismantled an organised crime syndicate that allegedly laundered A$10mn of criminal proceeds.

Market Infrastructure

Australia Passes Bill to Overhaul RBA’s Governance Structure

By Thisanka Siripala | 03/12/2024

From 1 March 2025, the Reserve Bank of Australia will operate with two separate boards, a Monetary Policy Board and a Governance Board.

Market Infrastructure

Australia Passes Legislation on Tax Transparency and Global Minimum Tax

By Editors | 03/12/2024

Certain multinational enterprises will begin public country-by-country reporting of tax and other financial information, backdated from 1 July 2024.

AML / KYC

Meta Tightens Ad Rules to Curb Financial Scams​ in Australia

By Thisanka Siripala | 02/12/2024

Meta will require financial advertisers to verify their AFSL numbers and disclose payer and beneficiary information

Australia Concludes Review of Credit Reporting Framework

By Thisanka Siripala | 02/12/2024

The review resulted in 37 recommendations, including the introduction of a separate licensing regime for credit reporting bodies to ensure accountability.

Fintech / Regtech

Australia Passes Law Introducing New Rules for BNPL Services

By Thisanka Siripala | 02/12/2024

BNPL providers must adhere to requirements under the the National Consumer Credit Protection Act. ASIC will be tasked with regulating the sector.

Market Infrastructure

Australia Passes Law Giving ACCC Enhanced Merger Approval Powers

By Thisanka Siripala | 01/12/2024

The law introduces a mandatory notification system for mergers above certain thresholds and the ACCC will be the decision maker on approvals.

AML / KYC

AUSTRAC Fines 16 Firms for Failure to Submit Compliance Reports

By Editors | 30/11/2024

The infringement notices were issued for failure to submit 2023 annual compliance reports. The firms had a history of non-compliance.

Market Infrastructure

Australian Parliament Passes First Tranche of Privacy Law Reforms

By Editors | 29/11/2024

The reforms expand the OAIC’s powers, giving it monitoring, investigative and inspection powers and the ability to issue infringement and compliance notices.