Australia

AML / KYC

AUSTRAC Sets AML/CTF Improvement Priorities for Reporting Entities

By Sanday Chongo Kabange | 17/12/2024

AUSTRAC said wider board involvement is needed on ML/TF matters and firms should use tailored rules and triggers to prioritise high-risk investigations.

Enforcement

Greensill Group Auditor Suspended in Australia for Two Years

By Editors | 17/12/2024

Joseph John Santangelo was suspended for failing to carry out Greensill’s group audit in accordance with Australian Auditing Standards.

Enforcement

ASIC Sues HSBC for Failing to Protect Customers from Scams

By Sanday Chongo Kabange | 16/12/2024

ASIC says HSBC contravened the Corporations Act and Credit Act and caused customers to lose A$23mn from unauthorised payments.

Crypto / Digital Assets

ASIC Issues New Guidance on Crypto Asset Custody

By Thisanka Siripala | 13/12/2024

ASIC revised a regulatory guide for funds management and custodial services to address crypto asset custody.

Capital / Liquidity

RBNZ Amends Interim Solvency Standard for Insurers

By Sanday Chongo Kabange | 13/12/2024

The RBNZ says the amendments will ensure sufficient capital is set aside against pricing risks as well as credit risk on bonds.

AML / KYC

AUSTRAC Offers Guidance on Filing Suspicious Matter Reports

By Sanday Chongo Kabange | 13/12/2024

The guidance comes in the form of an e-learning module, to help regulated entities submit good-quality SMRs and avoid common mistakes.

Enforcement

Australia Court Orders Kraken to Pay A$8m for DDO Breaches

By Sanday Chongo Kabange | 13/12/2024

ASIC believes many crypto products are subject to the same design and distribution requirements that resulted in Kraken’s penalty.

AML / KYC

AUSTRAC Launches Consultation on New AML/CTF Rules Framework

By Manesh Samtani | 12/12/2024

This consultation covers several areas including AML/CTF programmes, risk assessments, customer due diligence and travel rule information requirements.

Fintech / Regtech

New Zealand FMA to Launch Regulatory Sandbox Pilot in 2025

By Editors | 12/12/2024

The FMA is inviting expressions of interest from firms interested in joining the sandbox pilot, which will run from January to July 2025.