ASIC secures record $830 million in civil penalties and $644 million returned to Australians – 20 July 2026
ASIC reported a record year of enforcement action, securing $830 million in civil penalties against banks, super funds, market participants and financial services firms. The regulator highlighted misconduct involving governance failures, scams, financial reporting and consumer harm.
Top casino lawyer challenges findings on disclosure duties – 21 July 2026
A former Star Entertainment lawyer is challenging court findings that she failed to properly disclose money laundering and compliance risks to the casino operator’s board. The appeal follows penalties including a seven-year management ban and a $400,000 fine, highlighting the importance of legal advisers’ disclosure duties in corporate governance.
Ashurst warned KPMG of Lendlease breach ‘risk’ last August – 22 July 2026
ASIC has warned Australia’s 2,900 registered auditors that it will pursue fines, civil penalties and disciplinary action where misconduct is identified, following the recent KPMG audit leak scandal. The corporate regulator said it will intensify scrutiny of auditor independence, conflicts of interest and ethical standards to strengthen confidence in the auditing profession and improve the integrity of financial reporting.
FBI chief holds talks in Cambodia to combat online scam crimes – 22 July 2026
FBI Director Kash Patel met with Cambodian Prime Minister Hun Manet to strengthen cooperation against transnational online scam syndicates, as cyber-enabled fraud across the Asia-Pacific caused an estimated US$114 billion in losses in 2025. The talks focused on intelligence sharing, targeting scam bosses and human trafficking networks, with Cambodia pledging to intensify its crackdown and host an international conference on combating cyber scams later this year.
Grant Thornton seeks tougher regulation as it tries to win top-tier audits – 22 July 2026
Grant Thornton is seeking to rebuild its position in the UK market for large company audits after years of reputational damage, regulatory fines and the loss of more than 70% of its major audit clients. The firm has urged the UK accounting regulator to remove its public tiering system, arguing it unfairly discouraged prospective clients, and is now expanding its portfolio of public interest entity audits as regulators seek to increase competition with the Big Four accounting firms while maintaining strong audit quality and oversight.
KPMG whistleblower refused to move to Australia, fearing alleged bullying – 23 July 2026
A KPMG whistleblower has told a parliamentary inquiry they declined to relocate to Australia because they feared alleged bullying by a senior executive and believed the firm’s leadership would not protect them after raising concerns about the misuse of confidential client information. The claims add to the growing scrutiny of KPMG’s handling of whistleblower complaints and workplace culture as investigations into the audit leak scandal continue.
Newcastle accountant jailed for $878,000 IGA fraud – 23 July 2026
A Newcastle accountant has been jailed for three and a half years after stealing $878,000 from a group operating 10 IGA supermarkets over four years. The court heard she concealed 522 fraudulent transactions and lost most of the money through gambling. The judge described the offending as a serious breach of trust and emphasised the importance of deterring white-collar crime.
Owner of illegal Diamond Creek dump fined a record $60k – 23 July 2026
A Diamond Creek property owner has been fined $60,000 for operating an illegal waste dump and failing to comply with EPA clean-up orders. The site contained construction waste and asbestos-contaminated materials, with remediation costs expected to exceed $1 million.
Melissa Caddick victims receive final payout from $23m fraud – 23 July 2026
Victims of convicted fraudster Melissa Caddick have received final distributions from her estate after her $23 million Ponzi scheme collapsed. Receivers recovered funds through asset sales, allowing investors to receive partial compensation for their losses.
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