Australia

Enforcement

ASX Files Defence in ASIC’s Misleading Statements Case

By Sanday Chongo Kabange | 19/11/2024

CEO Helen Lofthouse said there was a “reasonable basis” for the statements ASX made about the CHESS replacement project’s progress on 10 February 2022 and it did not breach the law.

Enforcement

ASIC Sues NAB for Slow Response to Financial Hardship Claims

By Sanday Chongo Kabange | 19/11/2024

ASIC says NAB and a subsidiary failed to respond to financial hardship applications within 21 days as required by law.

Sanctions

Australian Court Upholds Sanctions Ruling in Alumina Dispute

By Editors | 18/11/2024

The judgment suggests that a sanctioned person can have a shareholding of far less than 50% in a company for it to be considered sanctioned.

ASIC to Launch Taskforce to Tackle Regulatory Complexity

By Thisanka Siripala | 18/11/2024

The “Simplification Consultative Group” will identify how ASIC can more efficiently and more effectively administer the law.

AML / KYC

Australia Consults on Enhanced Beneficial Ownership Reforms

By Sanday Chongo Kabange | 15/11/2024

The reforms aim to increase the disclosure of ownership information for listed companies and broaden the ASIC’s regulatory enforcement powers.

ESG / Sustainability

APRA Releases Results of Latest Climate Risk Self-Assessments

By Sanday Chongo Kabange | 14/11/2024

Climate risk maturity has improved at larger entities. APRA plans to amend its prudential standards on risk management to include climate risk.

Enforcement

New Zealand Court Fines Lender for Credit Law Breaches

By Sanday Chongo Kabange | 14/11/2024

Some of Eagle MAN’s loans charged an interest rate of 182.5 percent per annum, on top of credit and default fees.

AML / KYC

Unlocking the Potential of AI in Financial Crime Compliance

By Bradley Maclean | 14/11/2024

New research explores the potential of AI in financial crime compliance, highlighting pressing pain points and offering a roadmap for adoption.

Enforcement

ASIC Sues Cbus Trustee Over Systemic Claims Handling Failures

By Sanday Chongo Kabange | 14/11/2024

ASIC said more than 10,000 members and claimants of Cbus were impacted by slow processing of death benefits and TPD insurance claims.