Australia

New Zealand Issues Guidance on Helping Vulnerable Customers

By Editors | 21/09/2023

Financial service providers should be “proactive” about identifying and helping customers who are experiencing, or likely to experience, financial difficulty.

Enforcement

ASIC Sues Crypto Exchange for Margin Trading Product

By Sanday Chongo Kabange | 21/09/2023

ASIC says Bit Trade did not comply with its design and distribution obligations when offering a margin trading product to Australian customers.

Enforcement

Australia Proposes Reforms After PwC Tax Leak Scandal

By Sanday Chongo Kabange | 21/09/2023

Australia has commenced consultations on draft legislation to strengthening the integrity of the tax system and increasing the power of regulators.

AML / KYC

Australia Consults on Bill to Expand Digital ID System

By Mark Johnston | 19/09/2023

The bill would allow myGovID to be used in the private sector, and allow accredited private sector IDs to be used for some government services.

Michele Bullock Begins Term as New RBA Governor

By Editors | 19/09/2023

Bullock will have to work on shoring up the RBA’s credibility and implementing the central bank’s biggest overhaul since the 1990s.

AML / KYC

NZ Banks Pledge New Measures to Combat Scams

By Sanday Chongo Kabange | 18/09/2023

The measures include the establishment of a national Anti-Scam Centre and the introduction of a ‘confirmation of payee’ account name checking service.

Sanctions

US and Allies Impose New Wave of Sanctions Against Iran

By Editors | 18/09/2023

The sanctions by the US, UK, Canada and Australia come one year after the death of Mahsa Amini while in the custody of Iran’s Morality Police.

AML / KYC

Australia Introduces Identity Verification Services Bill to Parliament

By Editors | 17/09/2023

The government said the bill strikes “the right balance between achieving fast and convenient identity verification and maintaining strong standards of privacy and security.

Australia to Ban Credit Card, Digital Currency Use for Online Gambling

By Editors | 14/09/2023

The  bill will make it illegal for online gambling companies to accept credit cards, credit related products and digital currency as payment methods for online gambling.