Australia

AML / KYC

Australia’s Digital ID Bill Passes House of Representatives

By Mark Johnston | 16/05/2024

The scheme will soon extend to state and territory governments, with the private sector to follow within two years.

Enforcement

ASIC Issues Guidance for Unlicensed Entities Soliciting Advice

By Sanday Chongo Kabange | 16/05/2024

The guidance warns of penalties for unlicensed entities that make unsolicited contact with consumers and refer them to third parties for financial advice.

Capital / Liquidity

RBNZ Proposes “Core Standards” for New DTA Regime

By Sanday Chongo Kabange | 16/05/2024

The proposed core standards cover capital, liquidity, disclosure, and DCS-related requirements.

ESG / Sustainability

ASIC Outlines Focus Areas for Financial Reporting, Auditing

By Sanday Chongo Kabange | 16/05/2024

ASIC’s priorities include certain ‘enduring focus areas’ along with climate reporting and compliance with ethical and independence standards.

Sanctions

Australia Issues New Sanctions Over “Iran’s Destabilising Behaviour”

By Editors | 15/05/2024

Five individuals and three entities were targeted, including senior officials who contribute to Iran’s missile and drone programmes.

Enforcement

Australian Court Dismisses Class Action Against CBA

By Editors | 14/05/2024

The class action alleged that CBA failed to disclose its AML contraventions for several years before it was eventually fined A$700m in 2018.

AML / KYC

NZ Updates AML Guidance on Russia Sanctions

By Sanday Chongo Kabange | 14/05/2024

AML/CFT reporting entities that are duty holders under the Russia Sanctions Act must notify customers of asset freezes or blocked transactions.

Enforcement

ASIC Probes ANZ Over Treasury Bond Issuance

By Sanday Chongo Kabange | 14/05/2024

ASIC suspects ANZ breached the law while serving as a risk manager for a government bond issuance last year.

AML / KYC

New Zealand DIA Issues Formal AML Warning to Lawyer

By Sanday Chongo Kabange | 13/05/2024

The lawyer failed to establish, implement and maintain an AML/CFT programme, conduct on-going CDD, and report transactions.