Australia

Market Infrastructure

AFCA Publishes New Rules and Operational Guidelines

By Sanday Chongo Kabange | 02/07/2024

The new rules are approved by ASIC and provide complete transparency into how the AFCA operates.

AML / KYC

FSC Issues New Standard on Fraud and Scam Mitigation for Super Funds

By Sanday Chongo Kabange | 02/07/2024

The new standard requires funds to implement multifactor authentication for all high-risk transactions and to have clear procedures to prevent fraudulent events.

Capital / Liquidity

APRA Identifies Recovery Planning Weaknesses at Super Funds

By Editors | 02/07/2024

APRA said improvements are needed to meet new recovery and exit planning requirements by 1 January 2025.

AML / KYC

Australia Law Body Issues Guidance on AML

By Sanday Chongo Kabange | 01/07/2024

The guidance will safeguard  legal practitioners from being “unwittingly” misused by financial criminals.

Market Infrastructure

ASX to Deliver First Phase of CHESS Replacement in 2026

By Sanday Chongo Kabange | 29/06/2024

ASX has confirmed it will target delivery of the first phase of its CHESS replacement project in 2026.

Enforcement

Federal Court Orders Ferratum Australia to Pay A$16m

By Editors | 28/06/2024

The Court found that Ferratum’s non-compliance arose from its Finland-based parent company’s lack of attention to Australian regulatory requirements

Market Infrastructure

ANZ-Suncorp Merger Approved with ‘Strict’ Conditions

By Sanday Chongo Kabange | 28/06/2024

Treasurer Jim Chalmers has allowed ANZ to acquire Suncorp Bank but has prohibited branch closures and job cuts for the next three years.

AML / KYC

Australia Introduces Legislation for SMS Sender ID Register

By Sanday Chongo Kabange | 27/06/2024

The new legislation allows for the establishment of an SMS Sender ID Register to help fight scams.

ASIC Approves Updated Banking Code of Practice

By Sanday Chongo Kabange | 27/06/2024

The revised Banking Code of Practice improves protections for consumers and small businesses and will commence on 28 February 2025.