Australia

Anti-Money Laundering

AUSTRAC Updates Guidance on Reporting Cash Transactions

By Editors | 28/06/2022

When a customer makes multiple cash transactions of A$10,000 or more, each individual transaction is considered a separate and distinct designated service.

Conduct, Culture & Accountability

ASIC Issues New Guidance on Product Design and Distribution

By Editors | 28/06/2022

ASIC has identified behavioural levers that can influence consumer outcomes and situational vulnerabilities that can amplify poor outcomes.

Conduct, Culture & Accountability

ASIC Demands More Transparent Communications from Super Trustees

By Editors | 26/06/2022

The communication strategies of some trustees may have risked confusing or misleading members about their product’s performance, ASIC said.

Structural Regulation

ASIC Issues Guidance on CCIV Registration, Licensing

By Sanday Chongo Kabange | 24/06/2022

To register a CCIV and initial sub-fund, a corporate director would first need to obtain an AFS licence, which can be a variation of an existing licence.

Anti-Money Laundering

NSW to Strengthen State AML Laws to Target Organised Crime

By Editors | 24/06/2022

New legislation will be introduced around September to enable police to stop-and-search for and seize unexplained wealth and ban encrypted devices.

Cybersecurity

NZ FMA Issues Guidance on Financial Sector Cyber Resilience

By Editors | 24/06/2022

The financial services sector recorded more cyber incidents than all other industries in New Zealand in the quarter ending March.

Anti-Money Laundering

AUSTRAC Focuses Efforts on Gambling Sector, Prosecutions

By Sanday Chongo Kabange | 22/06/2022

AUSTRAC CEO Nicole Rose says the gambling sector must invest in robust compliance and AML programmes.

Conduct, Culture & Accountability

FMA Set Out Plan for Identifying Cases of Auditor Misconduct

By Editors | 22/06/2022

The FMA will perform audit quality reviews every two years for the big 4 audit firms and once every three years for the other registered audit firms.

Market Abuse

Australian Court Sentences CFD Trader for Insider Trading

By Editors | 21/06/2022

The CFD trader made AUD 343,000 in profit by trading on inside information regarding a takeover bid for PanAust Limited.