Super Alert – 24 October 2025: AUSTRAC guidance re changes to AML/CTF regime, Treasury updated ‘Regulatory Initiatives Grid’
Welcome to the weekly KHQ Super Alert. The key developments this week include AUSTRAC’s release of guidance addressing upcoming changes to the AML/CTF regime and Treasury’s release of its updated ‘Regulatory Initiatives Grid’ which sets out the regulatory reforms proposed in the financial sector over the next two years.
Treasury – Further merger waiver rules released
On 21 October 2025, Treasury released an exposure draft determination which sets out the rules relating to ‘the notification waiver process’ for the Australian Competition and Consumer Commission (ACCC) under the new merger regime commencing on 1 January 2026 and ‘changes in addition to the control exemption’. The regime may have some application to some superannuation trustee activities such as fund successor fund transfers.
According to the Treasury release, ‘[b]usinesses can apply to the ACCC for a notification waiver. The waiver process is a simple, fast and low-cost process. Businesses do not need to notify the merger if the ACCC gives a waiver’.
The consultation period closes on 3 November 2025.
Click here for details.
AUSTRAC – AML/CTF guidance released for reporting entities
On 17 October 2025, AUSTRAC released guidance to assist reporting entities in complying with changes to the AML/CTF legislation. The guidance, which was co-designed with relevant industry bodies, is intended to help reporting entities in understanding how their obligations will change. The new legislation will apply from 31 March 2026.
Click here for details.
Treasury – Second ‘Regulatory Initiatives Grid’ published
On 17 October 2025, Treasury released the September 2025 edition of its ‘Regulatory Initiatives Grid’. As referred to in our Super Alert of 20 December 2024, the first edition was released late last year to set out the regulatory reforms proposed in the financial sector over the next two years.
The following list refers to some of the upcoming initiatives outlined in the grid for the superannuation industry in the next two years:
- Best practice principles – superannuation retirement income solutions;
- Perpetrators of domestic and family violence accessing victims’ superannuation death benefits;
- Sustainable investment product labels;
- Access to offenders’ superannuation;
- Enhancements to the innovative income stream regulations;
- Mandatory service standards;
- Superannuation Performance Test; and
- Delivering Better Financial Outcomes – tranche two.
The grid can be viewed as an interactive dashboard, Word document, PDF report or Excel workbook.
Click here for details.
ASIC – Guidance on communicating audit findings to directors, audit committees and senior managers updated
On 15 October 2025, ASIC updated Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers which provides ‘practical guidance for directors, audit committees, and senior managers of companies, responsible entities, [and] superannuation trustees’ as to ‘how, when, and which audit file review findings will be communicated to directors, audit committees and senior managers’.
The updates to the guidance reflect:
- ‘ASIC’s new responsibilities and powers following law reform to regulate the financial reporting and audit requirements of registrable superannuation entities’; and
- ‘that the Australian Securities and Investments Commission Act 2001 (ASIC Act) now allows ASIC to communicate findings from audit file reviews to the relevant directors of superannuation trustees’.
Click here for details.
Want KHQ Super Alerts delivered straight to your inbox each week? Click here to subscribe.