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AML/CTF reforms; ML/TF risk assessment changes

2 months ago | lexology.com | Steven Blackburn |Hong-Viet Nguyen |Samantha Carroll

BackgroundThe Anti-Money Laundering and Counter-Terrorism Financing Amendment Act (Cth) (the Amendment Act) will commence on 1 March 2026. Schedule 2 of the Amendment Act makes substantial changes to a reporting entity's obligation to perform a money laundering and terrorism financing (ML/TF) risk assessment. What are the key changes?
The long awaited Scam Prevention Framework is here!

Oct 2, 2024 | ashurst.com | Hong-Viet Nguyen |Greg Patton

On 13 September 2024, Treasury released an exposure draft of the long awaited Treasury Laws Amendment Bill 2024: Scams Prevention Framework 2024 (Bill) for consultation. The Bill seeks to address growing government and public concerns regarding the increased proliferation of scams impacting Australian consumers across a number of industries. Scam prevention has a been a priority of the government in recent months.
The OAIC releases its corporate plan for 2024-25

Sep 26, 2024 | lexology.com | Hong-Viet Nguyen |Justin Ho |Mansi Gupta

What you need to knowThe Office of the Australian Information Commissioner (OAIC) released its Corporate Plan for 2024-25 which sets out the OAIC's future priorities, including its regulatory expectations and enforcement priorities. The OAIC notes it will have a greater focus on directing regulatory effort towards areas where there is a high risk of harm to the community.
APRA releases its 2024-25 Corporate Plan, notes improving cyber risk management and climate risk practices as key priorities

Sep 26, 2024 | lexology.com | Hong-Viet Nguyen |Mansi Gupta |Justin Ho

What you need to knowThe Australian Prudential Regulation Authority (APRA) has published its 2024-25 Corporate Plan which outlines its key strategic priorities and, for the first time, its supervision, data collection and publication priorities for the banking, insurance and superannuation industries.
ASIC releases its Corporate Plan for 2024-2025

Aug 28, 2024 | ashurst.com | Hong-Viet Nguyen |Corey McHattan

What you need to knowOn 22 August 2024 ASIC released its Corporate Plan for 2024-2025 outlining its strategic priorities for the next four years (2024 to 2028). ASIC's plan over that period covers five strategic priorities: improving consumer outcomes; addressing financial system climate change risk; bettering retirement outcomes and member services; advancing digital and data resilience and safety; and driving consistency and transparency across markets and products.
ASIC releases its Corporate Plan for 2024-2025

Aug 28, 2024 | lexology.com | Hong-Viet Nguyen |Corey McHattan

What you need to knowOn 22 August 2024 ASIC released its Corporate Plan for 2024-2025 outlining its strategic priorities for the next four years (2024 to 2028). ASIC's plan over that period covers five strategic priorities: improving consumer outcomes;addressing financial system climate change risk;bettering retirement outcomes and member services;advancing digital and data resilience and safety; anddriving consistency and transparency across markets and products.
ASIC finds Australian banks' scam detection, prevention and response practices to be 'less mature than expected'

Aug 27, 2024 | ashurst.com | Jonathan Gordon |Hong-Viet Nguyen

In April 2023, ASIC released Report 761 Scam prevention, detection and response by the four major banks (Initial Report) which found that the big four banks' approach to scam strategy and governance was 'less mature than expected'. ASIC has now released 'REP 790 Anti-scam practices of banks outside the major four banks' (Report) following its review of the scam detection, prevention and response activities of 15 other authorised deposit taking institutions (ADIs) (reviewed banks) ,.