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The Attorney General’s Department has released a Discussion Paper on Personal Insolvency rule changes.
The proposed changes include:

  • an increase to the minimum amount of debt that can trigger bankruptcy (“the bankruptcy threshold”) from $10,000 to $20,000;
  • an increase to the timeframe a debtor has to respond to a bankruptcy notice from 21 days to

Australia’s Attorney-General has released a Consultation Paper on proposed reforms of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Part 1 of the consultation paper proposes reforms that will simplify and modernise the operation of the regime.
Part 2 of the consultation paper proposes extending the AML/CTF regime to certain professions, including lawyers, accountants, trust

In Australian Securities and Investments Commission v Membo Finance Pty Limited (No 2) [2023] FCA 126 the Federal Court of Australia imposed penalties for contraventions of the National Credit Act and Code of $3,205,000 against credit licensee Membo Finance and $2,800,000 against Richmond Group Financial Services Pty Ltd, Membo’s sole shareholder and Membo’s sole credit

The Reserve Bank of Australia’s Payment system Board has published its Annual Report 2022.
The report outlines its policy and regulatory work in support of its strategic priorities:

  • Support the shift towards digital payments
  • Research central bank digital currencies and other innovations in payment systems
  • Identify and resolve any competition and efficiency issues associated

The Australian Prudential Regulation Authority (APRA) has released for consultation its proposed updates to the guidance on contingent liquidity for locally-incorporated authorised deposit-taking institutions (ADIs) subject to minimum liquidity holdings (MLH) requirements in Prudential Standard APS 210 Liquidity (APS 210).
During the COVID pandemic, in 2020, APRA wrote to the industry with guidance that MLH

The Australian Prudential Regulation Authority (APRA) has released a draft new cross-industry Prudential Standard CPS 230 Operational Risk Management designed to strengthen the management of operational risk by all APRA-regulated entities including the banking, insurance and superannuation industries.
Operational risk is defined as the potential for financial loss or material disruption as a result of