Australia

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    AML / KYC

    Australia Issues Warning Against Money Recovery Scams

    By Sanday Chongo Kabange | 10/07/2024

    The National Anti-Scam Centre says ongoing scam losses highlight the need to introduce mandatory industry codes as soon as possible.

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    Enforcement

    PayPal Used Unfair Contract Term, Australian Court Rules

    By Sanday Chongo Kabange | 10/07/2024

    The Federal Court ruled that PayPal’s standard form contracts with small business customers contained an unfair contract term.

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    AML / KYC

    AUSTRAC Releases Two National Risk Assessments

    By Editors | 09/07/2024

    The NRAs provide an understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.

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    Australia Introduces New Disclosure Rule for Public Companies

    By Sanday Chongo Kabange | 09/07/2024

    All companies open to investment by the public must disclose all their subsidiaries, regardless of size or materiality.

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    Australia Tables Legislation to Adopt Global Minimum Tax

    By Sanday Chongo Kabange | 09/07/2024

    The legislation will set a global and domestic minimum tax rate for multinational enterprise groups including banks.

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    ESG / Sustainability

    ACCC Consults on Guidance for Sustainability Collaborations

    By Sanday Chongo Kabange | 08/07/2024

    The guide is intended to assist businesses considering working together to achieve positive environmental outcomes without breaching Australian competition law.

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    Market Infrastructure

    Senate Inquiry Recommends Complete Overhaul of ASIC

    By Sanday Chongo Kabange | 08/07/2024

    Senator Andrew Bragg said too many Australians have been hurt by ASIC’s “persistent failure” to enforce the law and win prosecutions.

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    Capital / Liquidity

    APRA Finalises Revisions to IRRBB Standard

    By Manesh Samtani | 08/07/2024

    The revisions will reduce volatility in the IRRBB capital charge and ensure a more proportionate approach across banks.

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    AML / KYC

    Australia: ATO Joins Anti-Scam Intelligence Sharing Platform

    By Sanday Chongo Kabange | 08/07/2024

    The ATO has become the first government agency to join the ‘AFCX Anti‑Scam Intelligence Loop’.

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    Market Infrastructure

    CDR Negatively Impacting Competition, says Australia Banking Body

    By Sanday Chongo Kabange | 05/07/2024

    ABA says the CDR regime is not delivering for customers or enhancing competition in Australia’s banking industry.

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