Australia

Sanctions

New Zealand Announces New Russia-related Sanctions

By Editors | 12/07/2024

The sanctions target Russian weapons manufacturers, as well as the supply of Iranian drones and North Korean weapons to Russia.

Crypto / Digital Assets

ASX Commences Trading in Second Spot Bitcoin ETF

By Editors | 12/07/2024

The ETF is managed by DigitalX Limited in partnership with K2 Asset Management and Canadian firm 3iQ.

AML / KYC

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.

AML / KYC

Australia Issues Warning Against Money Recovery Scams

By Sanday Chongo Kabange | 10/07/2024

The National Anti-Scam Centre says ongoing scam losses highlight the need to introduce mandatory industry codes as soon as possible.

Enforcement

PayPal Used Unfair Contract Term, Australian Court Rules

By Sanday Chongo Kabange | 10/07/2024

The Federal Court ruled that PayPal’s standard form contracts with small business customers contained an unfair contract term.

AML / KYC

AUSTRAC Releases Two National Risk Assessments

By Editors | 09/07/2024

The NRAs provide an understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.

Australia Introduces New Disclosure Rule for Public Companies

By Sanday Chongo Kabange | 09/07/2024

All companies open to investment by the public must disclose all their subsidiaries, regardless of size or materiality.

Australia Tables Legislation to Adopt Global Minimum Tax

By Sanday Chongo Kabange | 09/07/2024

The legislation will set a global and domestic minimum tax rate for multinational enterprise groups including banks.

ESG / Sustainability

ACCC Consults on Guidance for Sustainability Collaborations

By Sanday Chongo Kabange | 08/07/2024

The guide is intended to assist businesses considering working together to achieve positive environmental outcomes without breaching Australian competition law.