Australia

Australia Introduces Legislation to Regulate BNPL Sector

By Sanday Chongo Kabange | 06/06/2024

BNPL providers will need to hold a licence and comply with existing credit laws, including requirements to conduct affordability checks.

ESG / Sustainability

Active Super Engaged in Greenwashing, Australia Court Rules

By Sanday Chongo Kabange | 06/06/2024

Active Super made “misleading” and “deceptive” representations regarding exclusions applied to gambling, coal mining, Russian entities and oil tar sands investments.

Crypto / Digital Assets

No Penalty for Block Earner, Australian Court Rules

By Sanday Chongo Kabange | 05/06/2024

The Federal Court said Block Earner will not have to pay a penalty as it acted “honestly” before offering its “Earner” product.

ESG / Sustainability

Australia Launches Inaugural Sovereign Green Bond

By Editors | 05/06/2024

The 10-year bonds, oversubscribed by more than 300 percent, will “deliver significant environmental benefits”.

Enforcement

APRA Fines Superannuation Trustee for Late Reporting

By Sanday Chongo Kabange | 05/06/2024

APRA said Equity Trustees Superannuation lodged 15 reporting forms late for two funds under its trusteeship.

Crypto / Digital Assets

Cboe Australia Commences Trading in New Bitcoin ETF

By Editors | 05/06/2024

The new ETF, launched by Monochrome Asset Management, is the first in Australia to hold crypto assets directly.

Fintech / Regtech

New Zealand XRB Calls for Mandatory Digital Financial Reporting

By Sanday Chongo Kabange | 05/06/2024

The XRB says New Zealand should mandate digital financial reporting for entities that participate in financial markets.

AML / KYC

AUSTRAC Issues New Guidance on Money Mule Detection

By Sanday Chongo Kabange | 04/06/2024

The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.

Market Infrastructure

NZ FMA Identifies Weaknesses at Financial Advice Firms

By Sanday Chongo Kabange | 04/06/2024

The FMA also found that the transition to the new financial advice regime resulted in stronger relationships with clients for many advisers.