Our latest insights

Australia’s AML/CTF reforms represent a fundamental shift from a prescriptive, compliance-based regime to a flexible, outcomes-focused framework – prioritising the effective prevention of money laundering, terrorism financing and proliferation financing, rather than merely following prescriptive rules.

The final amendments to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules, published on 30 August 2025, introduce a series of structural and operational changes following extensive consultation by AUSTRAC and industry feedback.

APRA’s latest reforms are designed to make its banking framework more proportionate, supporting a more competitive banking environment and fostering innovation. For smaller and medium-sized banks, this could mean reduced compliance pressures and more scope to focus on customers and growth.

As Australia moves away from legacy business payment systems like batch payments and cheques, the shift to real-time, account-to-account payments is transforming the way businesses interact – not just with their banks, but with each other.

ASIC’s review of 50 responsible entities revealed outdated and incomplete compliance plans – some missing key regulatory obligations like DDO and IDR entirely. With investigations now underway, responsible entities must act.

ADIs are navigating regulatory reform, digital transformation, and rising fraud risks by strengthening governance, modernising infrastructure, and aligning strategy with compliance to drive resilience and long-term value.

Last week, the Australian Securities and Investments Commission (ASIC) released a report highlighting issues with the superannuation industry's handling of death benefit claims and the impact these have on grieving Australians.

While APRA has acknowledged the achievements of member-owned and not-for-profit funds to-date, it also noted Boards must do more to ensure long-term sustainability of their organisations.

APRA has proposed eight updates to governance and fit and proper requirements for banks, insurers, and superannuation trustees. Businesses must proactively adapt their governance practices to align with these enhanced standards.

In this episode, Risk Consulting Partners and AML/CTF experts Neil Jeans and Katherine Shamai discuss the implications of the new AML/CTF Amendment Act, AUSTRAC’s expanded authority to investigate organisations, and the important questions Board should be asking management teams when it comes to the new reforms.

Australia's financial landscape is evolving with the phase-out of cheques and BECS payment systems. This mean your business will need to navigate changes to payment processes and manage evolving compliance requirements, as we transition to real-time, instant payments in Australia.

To position your business for resilience and success as we approach a new financial year, it’s important to consider key trends impacting the banking sector to help you navigate the evolving regulatory and risk landscape.