Australia

Enforcement

ASIC Commences Investigation into Dec 2024 Market Disruption

By Manesh Samtani | 04/02/2025

The investigation is looking into whether the market disruption at ASX constituted a breach of its obligations as a CS facility licensee.

AML / KYC

Big Four Australian Banks Start Using ConnectID System

By Thisanka Siripala | 04/02/2025

Over 10 million customers will be able to verify their identities using ConnectID without sharing unnecessary personal information

Australia to Review Compensation Scheme of Last Resort

By Thisanka Siripala | 03/02/2025

The review will address concerns that the scheme will largely be funded by financial advisers, which will increase the cost of financial advice for consumers​.

Enforcement

Australian Federal Court Sides With APRA in BUSSQ Case

By Thisanka Siripala | 03/02/2025

BUSSQ had challenged APRA’s decision to require the firm to engage an independent expert to review its processes for assessing fitness and propriety

Australia to Introduce Mandatory Service Standards for Super Funds

By Thisanka Siripala | 02/02/2025

The standards will focus on improving how death benefit payouts are handled, how insurance claims are processed and how super funds communicate with members​

Enforcement

Australia Identifies 5,000 Potential Victims of Romance Scams

By Sanday Chongo Kabange | 01/02/2025

The potential victims were identified from devices found by Philippine authorities at a Manila-based scam compound

APRA Publishes New Data on Super Fund Expenditures

By Thisanka Siripala | 31/01/2025

The data shows that Hostplus spending on sponsorships in the 2024 financial year made up 43% of what all super funds spent collectively.

AML / KYC

ASIC Calls Out Super Funds for Weak Anti-Scam Practices

By Thisanka Siripala | 31/01/2025

None of the 15 superannuation trustees that were reviewed by ASIC had an organisation-wide scams strategy in place

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