RegsWeb 6 May 2026

Ensure your AUSTRAC details are up to date

Existing reporting entities must update all their enrolment details with AUSTRAC by 30 May 2026. New data requirements include details on new or expanded designated services, beneficial ownership of the business and broader business profile information. Reporting entities are reminded to update their details before the deadline.

Organisations affected: All reporting entities

Policies affected: N/A

APRA enhancements to Operational and AI Risk Management

APRA has called for a significant “step-change” in how financial institutions manage artificial intelligence (AI) risks, warning that current governance and operational resilience practices are not keeping pace with the technology’s rapid adoption. APRA emphasised that while AI offers efficiency benefits, it also introduces new vulnerabilities, such as the potential for advanced “frontier” models to accelerate cyberattacks. Alongside these AI warnings, APRA has finalised targeted amendments to its primary operational risk standard, CPS 230, which are effective from 1 July 2026. Read more here.

Organisations affected: APRA regulated entities

Policies affected: Risk Management, AI Policy and Cyber Security Policy

ASIC seeks feedback on instrument renewals regarding disclosure and client money

ASIC is consulting on renewing several legislative instruments set to expire in October 2026 to ensure the ongoing stability of the financial services framework.

• Dollar disclosure and licensing relief: ASIC proposes extending relief for five years regarding requirements to disclose specific information in AUD within PDSs and SOAs. The proposal also includes maintaining licensing exemptions for entities providing general advice in certain foreign-regulated offer documents.
• Client money in cash common funds: ASIC plans to remake the instrument allowing AFS licensees to deposit client money into registered cash common funds. This continuation maintains flexibility for licensees while preserving statutory consumer protections for client funds. Read more here and here.

Organisations affected: Stakeholders are invited to provide feedback on the client money proposal by 19 May 2026 and on the disclosure and licensing relief by 1 June 2026.

Policies affected: N/A at this stage

Contact MIntegrity today for a confidential consultation and expert regulatory support.