Regulatory Updates

ASIC wins legal professional privilege appeal

The Full Federal Court has upheld ASIC’s appeal in its case against Noumi’s …

During February 2025, FATF held its first plenary of the year, and the second under Elisa de Anda Madrazo’s presidency. …

FATF has released its 2023/24 annual report, showcasing its efforts to combat financial crime and foster inclusive economic development.

The …

FATF is updating Recommendation 16 and its Interpretive Note to better fit modern payment systems, and to ensure the standards …

FATF has published several updates which is likely to affect the way reporting entities assess the risk associated with particular …

AUSTRAC has taken action against 13 remittance and digital currency exchange providers, and has more than 50 others in its …

6,770 complaints were lodged with AFCA in December 2024, a decrease of 4 per cent from December 2023. In the …

The Treasurer has announced that APRA and ASIC will update their regulatory guidance to “make it easier for Australians with …

Some of ASIC’s key online tools are undergoing a mini-makeover.

Starting mid to late March 2025, ASIC will introduce …

In its latest announcement on the use of Artificial Intelligence, the OAIC joined data protection authorities from Korea, Ireland, France …

Parliament passed the Scam Prevention Framework Act 2025, which requires regulated entities to prevent, detect, disrupt, respond to and …

The Government has quietly announced that it will no longer proceed with Stage 2 of the registration process for financial …

AustralianSuper, the trustee of Australia’s largest superannuation fund, will pay a $27 million penalty after the Federal Court found that …

The Financial Services and Credit Panel made a two-year registration prohibition order against financial adviser Glenn Paul Meilak. The disciplinary …

The Government announced that it plans to reform the education standards for new financial advisers with the aim of expanding …

In 2018, ASIC launched a crusade against poor financial advice. ASIC looked at how some of Australia’s larger banking and …

Scams Prevention Framework. The Scams Prevention Framework Bill 2024 has been referred to the Senate Estimates Legislation Committee for …

ASIC appoints Scott Gregson as CEO

Scott Gregson, previous ACCC CEO, has been appointed Chief Executive Officer of ASIC. …

FATF has updated its consolidated list of ML/TF country assessment ratings. This list assesses the effectiveness and technical compliance of …

AUSTRAC has provided an update on its efforts in 2024 to bolster international cooperation on financial intelligence.

AUSTRAC posted its …

FATF has released new guidance on developing national risk assessments.

An NRA is a process that enables a country to …

AUSTRAC has reminded members of the public, including reporting entities, to be aware of scammers attempting to impersonate AUSTRAC.

A …

The National Credit Code (Credit Code) has been extended to buy now pay later contracts, following royal assent to the …

All AFS and credit licensees should ensure that, from 1 March 2025, they are complying with the requirements of ASIC’s …

Treasury has issued Financial Services Compensation Scheme of Last Resort Levy (Collection) (Cost Estimates 2025-26 Levy period) Determination 2025. …

ASIC has issued a Key issues outlook for 2025, identifying the most significant current, ongoing and emerging issues within …

The Regulatory Initiatives Grid, recently released by Government, is intended to make it easier for financial services providers to …

Following ASIC’s successful action against Firstmac, the Federal Court has ordered Firstmac Limited to pay $8 million in penalties …

ASIC is suing Swoosh for failing to properly inquire about, and verify, consumers' financial situations before offering them credit, and …

ASIC has updated dates relating to commencement of insurance commission consent requirements in two key pieces of guidance.

The updates …

The Financial Services and Credit Panel has directed a financial adviser to have his advice audited.

This was after the …

South African financial services conglomerate Sanlam Group must now engage an ASIC-approved independent expert to review its systems and processes, …

In an Australian first, the Federal Court found that CFD issuer Union Standard International Group Pty Ltd breached its general …

While Optus and Medibank come to mind when we think of cyber incidents, ASIC is increasingly enforcing its regulatory priority …

Unfair trading practices – Consultation on the design of proposed general and specific prohibitions. This supplementary Consultation Paper, released …

ASIC cancels AFS licence

ASIC cancelled the AFSL of RPD Group Advice Pty Ltd after AFCA made a determination, RPD …

As 2024 draws to a close, it will almost be time to lodge your Annual Compliance Report, which is …

AUSTRAC has provided insights in to how it can ensure it receives and uses quality data for its regulatory and …

AUSTRAC hosted two 2024 AML/CTF Advisers Forums in November, with one session in Melbourne and one in Sydney.

The Forum …

AUSTRAC previously launched updated enrolment and registration forms on AUSTRAC Online, with the aim of simplifying the enrolment process.

AUSTRAC …

AUSTRAC has set out key trends in 2024 following its engagement across various sectors, including the banking, financial services and …

AUSTRAC has released a new AML/CTF e-learning module on quality reporting for suspicious matter reports (SMRs).

This module aims …

AUSTRAC is cracking down on cryptocurrency ATM providers in Australia who don’t comply with Australia’s AML/CTF regime.

An internal AUSTRAC …

AUSTRAC has commenced civil penalty proceedings in the Federal Court against Entain Group, which operates online betting sites, including Ladbrokers …

Following the passage of the AML/CTF Amendment Act, AUSTRAC is seeking guidance on its Exposure Draft 1 of the new …

On 29 November 2024, parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024, which marks significant reform …

ASIC has accepted a court enforceable undertaking from pawnbroking business Lend NT Pty Ltd and its sole director Laddawan Te …

Earlier this year, the Government announced an independent review of Australia’s credit reporting framework. The review assessed the efficiency and …

As noted in last month’s T-REX Regulatory Updates, the Federal Government secured the passage of more than 30 pieces of …

ASIC released its inaugural publication of industry-wide data reported under the internal dispute resolution data reporting framework.

From over 4.7 …