Australia plans to introduce criminal liability for companies that fail to address modern slavery in their supply chains. This move, welcomed by social investors, will increase accountability and align with global trends like the EU CSDDD.
AUSTRAC's Tranche 2 reforms extend AML/CTF obligations to lawyers, accountants, and other professionals. The ComplyAdvantage Starter Plan is a vendor tool to help meet these requirements, but the underlying regulatory change is the new mandate effective July 1, 2026.
Australia's Tranche 2 AML/CTF obligations take effect July 1, 2026, requiring real estate agents to conduct customer due diligence, screen for sanctions/PEPs/adverse media, and maintain compliance with AUSTRAC. This is a new regulatory mandate for the real estate sector.
Tranche 2 of AUSTRAC's AML/CTF reforms takes effect July 1, 2026, expanding obligations to new sectors such as real estate, legal, and accounting. Businesses must implement customer screening, ongoing monitoring, and reporting to comply.
Tranche 2 of Australia's AML/CTF reforms takes effect July 1, 2026, requiring enhanced customer due diligence (CDD) for accountants and auditors. The ComplyAdvantage Starter Plan is a vendor product to help meet these obligations, but the underlying regulatory change is the new mandate.
The OAIC issued determinations against Medmate and Monash IVF for using tracking pixels that collected health information without consent, violating the Privacy Act. The rulings clarify that pixel data transmitted to third parties constitutes a 'record' and that cookie consent pop-ups are insufficient for pixel consent, requiring separate notices and consent for sensitive data.
ASIC has imposed a AUD $24.6 million fine on HSBC Australia for inadequate systems to prevent and respond to scams, marking a world-first enforcement action for customer fraud protection. This signals increased regulatory scrutiny on financial institutions' fraud detection and customer notification obligations.
HSBC Bank Australia has been fined $35 million by the Australian financial regulator for inadequate scam detection and response systems. The bank must also pay remediation to affected customers, signaling increased enforcement of customer protection obligations.
The Australian Government introduced a bill proposing amendments to the Fair Work Act and related laws, including changes to dismissal dispute procedures, delegation of powers, and a new high-income threshold for road transport contractors. The bill is in early stages but signals upcoming regulatory changes for employers.
The Australian Federal Court imposed a $26 million civil penalty on Westpac for breaches of the National Consumer Credit Protection Act and ASIC Act, specifically for inadequate assessment and delayed responses to customer hardship applications. This enforcement action signals increased regulatory scrutiny on financial institutions' hardship processes.
Australia is proposing to remove smaller companies from mandatory climate reporting requirements, reducing compliance burden for SMEs. This amendment signals a shift in regulatory scope that companies should monitor.
Tranche 2 of AUSTRAC's AML/CTF reforms takes effect July 1, 2026, requiring enhanced customer and company screening for Australian businesses. ComplyAdvantage offers a Starter Plan to help meet these obligations, but the regulatory change itself is the new screening requirements.
Australia's government proposed raising revenue and asset thresholds for mandatory audited financial and sustainability reporting, exempting companies with revenue under A$100M and assets under $50M. This amendment to the 2024 corporate sustainability reporting regime aims to reduce regulatory burden by A$10.2 billion annually, but no legislative timeline has been provided.
The AML/CTF Amendment Act 2024 introduces Tranche 2 reforms effective March 2026, requiring Australian gambling firms to adopt outcomes-focused compliance, mandatory proliferation financing risk assessments, and Travel Rule for virtual assets. AUSTRAC enforces with penalties up to $67 million.
AUSTRAC's Tranche 2 requirements take effect July 1, 2026, mandating Australian lawyers and notaries to automate customer due diligence and suspicious activity reporting. ComplyAdvantage's Starter Plan offers a solution, but the regulatory change itself requires action.
Tranche 2 of Australia's AML/CTF reforms takes effect July 1, 2026, requiring accountants and auditors to comply with AUSTRAC obligations including customer due diligence, ongoing monitoring, and UBO mapping. The ComplyAdvantage Starter Plan is a vendor solution to help meet these requirements.
Australia has established a Cyber Incident Review Board to conduct no-fault post-incident reviews of major cyberattacks, focusing on systemic lessons. The board can compel information from entities that decline to participate, signaling increased regulatory scrutiny for critical infrastructure sectors.
Australia has enacted a mandate requiring major retailers to accept cash for purchases under $500. This aims to preserve cash access amid digital payment growth, impacting retailers and consumers.
APRA has issued a warning to banks, insurers, and superannuation trustees about the risks of ungoverned AI, emphasizing the need for enhanced AI governance, model risk management, and operational resilience. Financial institutions must act to align with regulatory expectations.
Australian crypto exchanges must comply with AUSTRAC AML/KYC obligations immediately, not just by the April 2027 deadline. Proactive readiness is critical to avoid penalties.