AFCA’s systemic issues report
AFCA have released their Systemic Issues Insights Report (Edition 7) for the second half of FY24–25, highlighting improvements firms can make. The report spotlighted four critical weaknesses in complaint management including:
- Firms frequently treating complaints as isolated events, failing to escalate them as “early warning signs” of broader systemic issues, a clear breach of ASIC’s IDR rules.
- Inadequate systems and training for supporting vulnerable customers.
- A misalignment between official policy intent and frontline execution.
- Reliance on outdated IT systems and manual processes, which introduce errors, delays, and compromise data integrity.
Firms are encouraged to read the report to ensure compliance and identify any policy or procedural updates required to further strengthen their existing IDR complaint handling processes. Read more here.
Policies affected: Complaint Handling Policies and Procedures
Organisations affected: AFSL holders
AUSTRAC has released key guidance for the upcoming AML/CTF reforms
AUSTRAC has released comprehensive reforms guidance to help businesses comply with significant changes to the AML/CTF legislation. This reform will expand the regime to include thousands of new businesses, such as real estate agents, accountants, lawyers, and dealers in precious metals and stones starting 1 July 2026. For existing reporting entities, the new laws come into force on 31 March 2026. The guidance, co-designed with industry bodies, provides practical, scalable information to help both new and current reporting entities understand their obligations, implement cost-effective AML/CTF programs, and use risk insights to better combat sophisticated criminal enterprises. Read more here.
Policies affected: AML/CTF Policies and Procedures
Organisations affected: AUSTRAC registered entities
ASX Trade and ASX Trade 24 Relocation
ASX Trade and ASX Trade 24 are relocating their registered address and principal place of business. The new address is Level 27, 39 Martin Place, Sydney NSW 2000.
Applicable to all market participants and relevant stakeholders who need to update their records for future correspondence. The relevant ASX operating rule books will also be updated to reflect this change, though contact email and phone numbers will remain unchanged. Read more on the ASX website.
Policies affected: Those with ASX correspondence details
Organisations affected: Market Participants and relevant stakeholders
Contact MIntegrity today for a confidential consultation and expert regulatory support.
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