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AUSTRAC releases four new Australian banking sector risk assessments

AML, Compliance, Industry /

Today AUSTRAC released four new Australian banking sector money laundering and terrorism financing (ML/TF) risk assessments. The four assessments examine the threats criminals pose to Australia’s major banks, other domestic banks, foreign subsidiary banks and foreign bank branches operating in Australia. Australia’s banking sector sits at the centre of our financial services industry, providing an […]

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ASIC Prioritizes Monitoring of CFDs and Binary Options Compliances

Forex, Industry, Regulations /

The Australian Securities and Investments Commission (ASIC) published on Thursday its four-year corporate plan for 2021 to 2025, outlining its priorities on the distribution of retail over-the-counter derivatives, especially on the contracts for difference (CFDs) and binary options. The regulator pointed out three key actions on its intervention in the retail OTC derivatives industry. First,

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ASIC Warns against Trading Cryptos on Unlicensed Exchanges

Blockchain, Industry, Regulations /

The Australian Securities and Investments Commission (ASIC) has become the latest financial market regulator to ring the warning bell against the unlicensed cryptocurrency venues. According to a notice published on Wednesday, the regulator has cautioned Aussie investors who are investing in crypto-related financial products and services on platforms that do not hold an Australian Financial Services

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Credit industry faces higher ASIC levies

Business, Industry, Mortgage, Regulations /

  ASIC has published its draft Cost Recovery Implementation Statement for the 2020-21 financial year, with expectations of what each finance sector will be charged to fund its regulation. The levies, which are based on ASIC’s regulatory costs and business metrics, will be finalised in December and invoiced in January next year. The regulator has

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Compliance Checklist: What a Company Needs to Do to Be AML Compliant

Business, Industry, Regulations /

  Global penalties for AML regulation non-compliance are increasing year after year. Overall, the number of fines in 2020 was $10.4 billion. Major banks like Deutsche Bank (USA) and Commerzbank (UK) were fined millions of dollars for non-compliance. In this article, I will try to review what is necessary for any company to stay compliant.

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ASX Calls for Regulations of Crypto Custodians

Blockchain, Business, Industry /

The Australian Securities Exchange (ASX) wrote a letter to the country’s Senate last week pointing out several risks in holding digital assets and calls for better regulations around the industry. “On major blockchain platforms such as Bitcoin and Ethereum, digital assets are associated with a user through an address. Whoever can access the address is

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ASIC consults on guidance and relief for litigation funding schemes

Business, Industry, Regulations /

ASIC has today released Consultation Paper 345 Litigation funding schemes: Guidance and relief (CP 345) to seek feedback on proposed guidance and relief for litigation funding schemes. In the consultation paper, ASIC is proposing to: provide definitional guidance for key terms in the managed investment scheme (MIS) regulatory regime as they apply to litigation funding

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ASIC Seeks Public Feedback on Crypto ETPs

Blockchain, Business, Industry /

The regulator will accept the feedback until July 27, 2021.   As the demand for crypto-based exchange-traded products (ETPs) is increasing, the Australian financial markets watchdog is seeking public feedback on such retail investment instruments. The Australian Securities and Investments Commission (ASIC) released a consultation paper on Wednesday that covers ‘crypto-assets as underlying assets for

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ASIC Extends Licensing Relief to Foreign Financial Service Providers

Forex, Industry, Regulations /

Regulated foreign firms can now operate in the country until March 31, 2023, without a local license. The Australian Securities and Investments Commission (ASIC) announced on Friday the extension of temporary relief for all foreign financial service providers (FFSPs) that will allow them to operate in the country without an Australian Financial Services (AFS) license.

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ASIC Bans Binary Options for Australian Retail Clients

Forex, Industry, Regulations /

The Australian regulator mentioned that the ban will take effect from 3 May 2021. The Australian Securities and Investments Commission (ASIC), announced today that it has decided to ban the sale of binary options to retail traders in Australia. During ASIC’s reviews in 2017 and 2019, the regulatory authority found that around 80% of retail

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