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The Federal Court of Australia has ordered SkyCity Adelaide Pty Ltd (SkyCity) to pay a $67 million penalty for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The Court also ordered SkyCity to pay AUSTRAC’s costs fixed at $3 million.
The Sky City casino attracts an average of 5,500 visitors per

ASIC has released its report REP 782 Hardship, hard to get help: Findings and actions to support customers in financial hardship which sets out the key findings from its review of 10 large home loan lenders in late 2023 to understand how they are supporting customers experiencing financial hardship.
Under section 72 of the National

The Digital ID Act 2024 has been passed by Parliament and will commence by 1 December 2024.
The Act will expand the way individuals will be able to verify their identity online by establishing a voluntary accreditation scheme for providers of Digital ID services in addition to the Australian Government’s accredited Digital ID provider, myGovID.

Recent announcements by the Australian Prudential Regulation Authority (APRA) discuss the risks associated with Artificial Intelligence and cyber threats.
In a recent speech an APRA Executive Board Member said that APRA broadly supports regulated entities beginning to test how they can incorporate AI into their practices.
But they cautioned that:

In common with any type

Treasury has issued a Discussion paper, prepared in conjunction with the Australian Prudential Regulation Authority (APRA), on the proposed financial institutions’ supervisory levies for the 2024–25 financial year for ADI’s (large and small banks as well as building societies, credit unions, restricted ADIs and Purchased Payment Facilities), insurers and superannuation entities.
The financial industry