FATF release information on high-risk jurisdictions and jurisdictions under increased monitoring
February 2025 – Recent FATF updates, including revised country risk ratings, require reporting entities to update their AML/CTF risk assessments. These changes impact how jurisdictions are evaluated for money laundering and terrorist financing risks. Therefore, you must incorporate the latest FATF information into your risk assessment process. Read more here.
Policies affected: AML/CTF programme and Risk Assessment
Organisations affected: All Reporting Entities
ASIC is seeking feedback on a proposal to provide additional relief under the reportable situations regime
February 2025 – ASIC is considering easing reporting requirements for certain minor breaches of misleading conduct and civil penalty provisions, aiming to reduce unnecessary reporting burdens on licensees. Currently, many low-impact breaches must be automatically reported, which adds cost without significant value. ASIC proposes targeted relief to streamline this process, balancing regulatory oversight with practical efficiency. Licensees are encouraged to provide feedback on this proposal by March 11,2025, to help shape the final regulations. Read more here.
Policies affected: Eventual changes may affect Incident and Breach Reporting Policies
Organisations affected: All AFSL Holders
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