Australia

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.

Enforcement

Australian Court Orders Firstmac to Pay A$8m for DDO Breaches

By Thisanka Siripala | 28/01/2025

The court said Firstmac was “objectively reckless”. This is the first civil penalty action against a distributor involving DDO breaches.

Market Infrastructure

ASX Offers Explanation for December 2024 Market Disruption

By Sanday Chongo Kabange | 27/01/2025

ASX implemented a software fix, waived fail fees from 20-31 December 2024, and will distribute A$1mn in rebates to settlement participants.

Australia, Malaysia Auditors Asked for Input on IFRS Agenda

By Thisanka Siripala | 27/01/2025

Financial reporting professionals in Australia and Malaysia are asked to help inform the IASB’s future work to improve the IFRS.

Market Infrastructure

Australia to Form New Standard-setting Body for Financial Reporting

By Sanday Chongo Kabange | 25/01/2025

The new body will provide a “one stop shop” for the development and issuance of accounting, sustainability, auditing and assurance standards.

Enforcement

ASIC Probing ANZ for Underpaid Interest, Hardship Provisions

By Editors | 23/01/2025

ASIC reportedly investigating allegations that ANZ miscalculated interest on thousands of customer savings accounts.