Australia

AML / KYC

Australia Introduces “Landmark” Anti-Scam Legislation to Parliament

By Sanday Chongo Kabange | 07/11/2024

The bill will establish a ‘scams prevention framework’ and introduce certain mandatory obligations for banks, telcos and social media platforms.

Crypto / Digital Assets

ADDX, ANZ to Pilot Tokenised Commercial Paper Using Chainlink CCIP

By Nithya Subramanian | 07/11/2024

Commercial paper was chosen due to its short-term nature, which makes it possible to showcase the entire asset lifecycle within the pilot.

Enforcement

Australian Police Raid PwC Offices Amid Tax Leaks Scandal

By Mark Johnston | 07/11/2024

Australian federal police are examining whether former PwC Australia staff committed a crime by disclosing official secrets.

ESG / Sustainability

ASIC Consults on Draft Sustainability Reporting Guidance

By Sanday Chongo Kabange | 07/11/2024

ASIC drafted the guidance to help reporting entities in complying with the new sustainability reporting regime commencing in January.

ABA and Westpac Launch New Toolkit to Combat Financial Abuse

By Thisanka Siripala | 07/11/2024

The new “Safety by Design” toolkit will help banks ensure their products and services are designed to better safeguard customers from financial abuse.

ANZ Announces Organisational Changes to Streamline Operations

By Thisanka Siripala | 05/11/2024

ANZ CEO Shayne Elliot said the changes will provide “clearer accountabilities for operations” and will drive “consistency and predictability.”

Enforcement

APRA Imposes Capital Charge on Pacific International Insurance

By Editors | 01/11/2024

APRA said it found oversight and control deficiencies in the insurer’s binder holder business and risk management framework.

Enforcement

ASIC Files Lawsuit Against Oak Capital Over Lending Model

By Sanday Chongo Kabange | 01/11/2024

ASIC alleges Oak Capital designed its lending model to avoid the application of the National Credit Code and Consumer Credit Act.

Sanctions

Australia Completes Review of Autonomous Sanctions Framework

By Editors | 31/10/2024

Most submissions to the review supported proposals to streamline the legal framework, improve the permit application process, and legislate a humanitarian exemption.