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Australia
Market Infrastructure
APRA Rescinds 2018 Outsourcing Guidance to Reduce Regulatory Burden
By Sanday Chongo Kabange | 20/02/2025
APRA rescinded its 2018 information paper on cloud outsourcing in light of new operational risk management standards coming into effect in July.
ASIC Proposes Further Tweaks to Reportable Situations Regime
By Thisanka Siripala | 20/02/2025
The proposed relief is based on the reasoning that some reported breaches offer limited intelligence value while imposing compliance costs on licensees.
AML / KYC
Digital Currency Exchanges on Notice Amid AUSTRAC Compliance Blitz
By Nathan Lynch | 20/02/2025
Crackdown from AUSTRAC could be just the tip of the iceberg for crypto exchanges, as some could also face follow-up enforcement action.
AML / KYC
Australian Police Publishes “Scam Script” Used to Lure Victims
By Sanday Chongo Kabange | 19/02/2025
The AFP published the scam script to promote an understanding of how romance scams are operated and greater vigilance by the public.
Australia Legislates to Prevent a Repeat of Robodebt Scandal
By Thisanka Siripala | 19/02/2025
Law passed to impose stricter accountability measures on government agencies and require public officials to cooperate in Ombudsman investigations.
Australia: Senate Inquiry Issues Recommendations on Super Industry Governance
By Thisanka Siripala | 19/02/2025
Senate Economics Committee report recommends several measures including empowering APRA to remove trustees with material conflicts of interest.
Australia Cracks Down on Land Banking by Foreign Investors
By Sanday Chongo Kabange | 19/02/2025
Australia is banning foreign investors from buying established homes for two years and cracking down on foreign land banking.
AML / KYC
FMA Issues Alert on Fake Online Investing Platforms
By Sanday Chongo Kabange | 19/02/2025
The FMA has identified a “large network” of fake online investing platforms involving 96 duplicate websites or platforms.
AML / KYC
Risk Assessments a Core Part of Australia’s New AML Regime
By Nathan Lynch | 18/02/2025
The reforms passed in November send a clear message that risk assessments and AML programmes need to respond to changes in the financial crime risk landscape.
AML / KYC
AUSTRAC Warns Crypto, Remittance Firms of Possible Regulatory Action
By Sanday Chongo Kabange | 18/02/2025
AUSTRAC has issued alerts, a precursor to potential regulatory action, to over 50 crypto exchanges and remittance service providers.
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