Austrac has published the Future Law Compilation of the Anti-Money Laundering and Counter-Terrorism Financing Act which shows the text of the AML/CTF Act 2006 as it is expected to read at 1 July 2026 to include the amendments within the AML/CTF Amendment Act 2024.
The Future Law Compilation of the AML/CTF Act is not
ASIC has released its first publication of data reported under the internal dispute resolution (IDR) data reporting framework for financial services licensees and credit licensees for the period 1 July 2023 to 30 June 2024. Background.
Under the IDR framework, licensed financial firms are required to self-report IDR data to ASIC on a six-monthly
Treasury has published a consultation paper on a planned mandate for businesses to accept cash when selling essential items. There will be exemptions for small businesses.
The mandate is proposed to commence from 1 January 2026, subject to the passing of legislation.
Cash acceptance refers to the practice of businesses accepting cash as a form
ASIC has issued new and updated regulatory guidance in response to reforms under the Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024. Background.
The new information sheets are:
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published a letter containing observations on registration and notification lodgements made since the Financial Accountability Regime (FAR) commenced for the banking industry.
The Financial Accountability Regime commenced for the banking industry on 15 March 2024 and takes effect for the
ASIC has released Consultation paper 381 Updates to INFO 225: Digital Assets: Financial Products and Services (CP 381) outlining proposals to update Information Sheet 225 Crypto Assets (INFO 225).
To provide greater clarity about the current law, ASIC has proposed a range of updates to INFO 225, including adding 13 practical examples of how the
In this 7 minute video, I give an overview of what will happen in financial services and credit regulation in Australia in 2025 and the issues that the regulators are focussing on.
In addition to complying with existing and new legislation financial services providers also need to monitor what’s coming up.
Commonwealth Parliament is scheduled
Treasury has published the first edition of the Regulatory Initiatives Grid (RIG) which details reform priorities and initiatives that will materially affect the financial sector over the next 2 years.
It covers data collection and consultation on policy changes as well as legislation, regulations and instruments by the following agencies:
Austrac has released a Consultation Paper and draft new anti-money laundering and counter-terrorism financing (AML/CTF) Rules to implement recent amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act.
To support the changes, AUSTRAC is updating the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1).
These Rules provide detailed information in relation to specific requirements
The Council of Financial Regulators (CFR) has released for consultation an issues paper on small and medium-sized banks.The CFR, in consultation with the Australian Competition and Consumer Commission (ACCC), has been asked by the Government to consider and report to the Government on options to improve competition for small and medium-sized banks.
The issues paper
