In the current climate, there’s every reason to think that the Financial Accountability Regime Bill 2021 will pass and take effect some time next year, even though it’s been punted to a Senate Committee for the time being. Directors and senior executives of financial entities in the banking, insurance and superannuation sectors should stay tuned.
Insurance claims handling legislative reforms commence from 1 January 2022. And it wouldn’t be an Australian summer without the threat of natural disaster. So, ASIC is opportunely encouraging insurers to be consumer-centric in compliantly handling claims. Time for insurers to get a handle on their obligations, then.
AUSTRAC has been filling government coffers with record-setting penalties imposed on the likes of Tabcorp, CBA and Westpac in recent years. It’s now working to remediate the AML/CTF Programs of mutual banks and has the gambling and remittance service sectors in its sights. AML/CTF Rules underwent a refresh earlier this year, but with Crown and clubs having dominated media headlines and a Senate Committee currently looking at the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime, expect more enforcement activity and legislative amendments to come.
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