Australia's financial regulator secured over $120 million in court-ordered penalties during the 2024-25 fiscal year.
The agency launched 252 investigations and completed 829 targeted surveillances as part of an operational overhaul.
The Australian
Securities and Investments Commission (ASIC) took down 6,900 investment
scam and phishing websites in the year ended June 30, according to
its annual report released today (Wednesday), as the regulator ramped up
efforts to protect consumers from online fraud.
Australian Regulator Shuts
6,900 Sites
The
takedowns included roughly 2,800 fake investment platforms, 2,400
cryptocurrency scams, 1,400 phishing links and 250 fraudulent online
advertisements. ASIC added 1,035 warnings to its Investor Alert
List and published consumer advisories about schemes targeting
retirement savings.
Joe Longo, the Chairman of ASIC
Chairman Joe
Longo said the agency's investments in digital capabilities had
delivered results. Formal investigations jumped 50% from the prior year,
while new civil enforcement proceedings increased nearly 20%. The
regulator completed 829 targeted surveillances across financial services
sectors.
"ASIC
responds to emerging challenges in the broader financial ecosystem,
from the advent of AI to the increasing dominance of private credit
in our capital markets," Longo commented in a statement
accompanying the report.
Courts Hand Down $120
Million in Penalties
The regulator
secured $104.1 million in civil penalties through court proceedings,
up from $90.8 million the previous year. Criminal prosecutions
resulted in an additional $16.8 million in fines, a substantial
increase from $936,000 in 2023-24. The agency launched 38 new civil cases
during the fiscal year.
Nineteen
defendants received criminal convictions, with 14 receiving custodial
sentences. Six people were imprisoned. Courts imposed five non-custodial
sentences. ASIC also issued 16 infringement notices totaling $5.6 million
in penalties.
The agency
prosecuted 235 individuals for strict liability offenses, resulting in
$1.6 million in fines. Summary prosecutions rose almost 26%
compared with the previous year.
Source: ASIC
Superannuation Funds Face
Legal Action
ASIC
took enforcement action against
two major superannuation trustees over delayed death benefit
claims. The regulator sued United Super, trustee of the Cbus fund, alleging
more than 10,000 members waited over 90 days for
claim processing. Some families waited longer than 12 months,
according to court filings.
The agency
filed separate proceedings against AustralianSuper,
Australia's largest pension fund, over claims that took between four
months and four years to process. ASIC alleged at least 6,699 claims
were delayed between July 2019 and October 2024.
Banking Sector Under
Scrutiny
ASIC filed
its first court case alleging a bank failed to protect customers from scams. The
December lawsuit against HSBC Bank Australia claims inadequate
systems allowed about $23 million in customer losses from
unauthorized transactions between January 2020 and August 2024.
Nearly $16 million of those losses occurred in six months from
October 2023 to March 2024.
The
regulator reviewed anti-scam practices at 15 banks outside the
four major institutions. The August report found scam detection and
response measures "less mature than expected," with
governance structures focused on fraud rather than scams. Customers
bore 96% of total scam losses during the review period.
The
regulator processed 1,531 licensing and registration applications,
approving 1,021 and refusing or receiving withdrawals on 360. ASIC canceled or
suspended 215 Australian financial services licenses and 253 credit
licenses during the year.
The
agency restricted or banned 58 individuals or companies from
providing financial services and removed 33 from the credit industry.
Fourteen people were disqualified or removed from
directing companies.
ASIC
registered 333,188 new companies and 386,519 business names. The
Moneysmart consumer education website attracted 11.7 million visitors, with 8.1
million using online financial tools.
The regulator
operates under a cost-recovery model and collected $1.9 billion in fees,
charges and supervisory levies on behalf of the Commonwealth during the
fiscal year.
The Australian
Securities and Investments Commission (ASIC) took down 6,900 investment
scam and phishing websites in the year ended June 30, according to
its annual report released today (Wednesday), as the regulator ramped up
efforts to protect consumers from online fraud.
Australian Regulator Shuts
6,900 Sites
The
takedowns included roughly 2,800 fake investment platforms, 2,400
cryptocurrency scams, 1,400 phishing links and 250 fraudulent online
advertisements. ASIC added 1,035 warnings to its Investor Alert
List and published consumer advisories about schemes targeting
retirement savings.
Joe Longo, the Chairman of ASIC
Chairman Joe
Longo said the agency's investments in digital capabilities had
delivered results. Formal investigations jumped 50% from the prior year,
while new civil enforcement proceedings increased nearly 20%. The
regulator completed 829 targeted surveillances across financial services
sectors.
"ASIC
responds to emerging challenges in the broader financial ecosystem,
from the advent of AI to the increasing dominance of private credit
in our capital markets," Longo commented in a statement
accompanying the report.
Courts Hand Down $120
Million in Penalties
The regulator
secured $104.1 million in civil penalties through court proceedings,
up from $90.8 million the previous year. Criminal prosecutions
resulted in an additional $16.8 million in fines, a substantial
increase from $936,000 in 2023-24. The agency launched 38 new civil cases
during the fiscal year.
Nineteen
defendants received criminal convictions, with 14 receiving custodial
sentences. Six people were imprisoned. Courts imposed five non-custodial
sentences. ASIC also issued 16 infringement notices totaling $5.6 million
in penalties.
The agency
prosecuted 235 individuals for strict liability offenses, resulting in
$1.6 million in fines. Summary prosecutions rose almost 26%
compared with the previous year.
Source: ASIC
Superannuation Funds Face
Legal Action
ASIC
took enforcement action against
two major superannuation trustees over delayed death benefit
claims. The regulator sued United Super, trustee of the Cbus fund, alleging
more than 10,000 members waited over 90 days for
claim processing. Some families waited longer than 12 months,
according to court filings.
The agency
filed separate proceedings against AustralianSuper,
Australia's largest pension fund, over claims that took between four
months and four years to process. ASIC alleged at least 6,699 claims
were delayed between July 2019 and October 2024.
Banking Sector Under
Scrutiny
ASIC filed
its first court case alleging a bank failed to protect customers from scams. The
December lawsuit against HSBC Bank Australia claims inadequate
systems allowed about $23 million in customer losses from
unauthorized transactions between January 2020 and August 2024.
Nearly $16 million of those losses occurred in six months from
October 2023 to March 2024.
The
regulator reviewed anti-scam practices at 15 banks outside the
four major institutions. The August report found scam detection and
response measures "less mature than expected," with
governance structures focused on fraud rather than scams. Customers
bore 96% of total scam losses during the review period.
The
regulator processed 1,531 licensing and registration applications,
approving 1,021 and refusing or receiving withdrawals on 360. ASIC canceled or
suspended 215 Australian financial services licenses and 253 credit
licenses during the year.
The
agency restricted or banned 58 individuals or companies from
providing financial services and removed 33 from the credit industry.
Fourteen people were disqualified or removed from
directing companies.
ASIC
registered 333,188 new companies and 386,519 business names. The
Moneysmart consumer education website attracted 11.7 million visitors, with 8.1
million using online financial tools.
The regulator
operates under a cost-recovery model and collected $1.9 billion in fees,
charges and supervisory levies on behalf of the Commonwealth during the
fiscal year.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
