This update directly affects AFSL licensees, credit licensees, compliance managers, and advisers responsible for AML programs, complaint handling, and superannuation advice.
March 2026 was dominated by three themes: AML/CTF implementation, stronger visibility of complaints and misconduct, and superannuation transition activity ahead of 1 July 2026.
The most significant operational development was the commencement of AUSTRAC’s revised AML/CTF obligations for existing reporting entities on 31 March 2026, supported by transitional rules, amended Rules, new guidance, and the opening of enrolment for newly regulated sectors.
For AFSL holders, this materially raises governance expectations around AML programs, suspicious matter processes, compliance officer notifications, evidence of operational effectiveness, and readiness for broader reform.
At the same time, ASIC continued an assertive enforcement posture. March included a $35 million penalty against Macquarie Securities for short-sale misreporting, enforcement action and bans in financial advice, and the launch of a new financial complaints data dashboard. This dashboard materially increases firm-level transparency and enables more data-led supervision of complaint volumes, response timeframes, resolution quality, and systemic issue identification. The direction of travel continues to shift toward measurable supervision supported by public data.
In superannuation, APRA and the ATO accelerated industry readiness for Payday Super and related reforms commencing 1 July 2026. APRA and the ATO jointly wrote to RSE licensees on readiness, the ATO published additional employer resources and draft guidance, and APRA separately consulted on the Government’s Retirement Reporting Framework. March also saw the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 progress through Parliament, and the ATO confirm that Better Targeted Super Concessions is legislated to commence from 1 July 2026.
AFCA’s updated Rules and Operational Guidelines took effect on 12 March 2026, including a more explicit ability to publicise firm non-compliance with determinations and report that non-compliance to ASIC and APRA where relevant. For AFSL compliance teams, this makes complaints governance and post-determination remediation more visible than before.
The market is generally treating AML/CTF reform as a whole-of-business operating model change, not a narrow legal update; complaint data publication as a new supervisory benchmark; and managed investment scheme and CSLR issues as still driving pressure for compensation, disclosure and governance reform.
Top 5 developments
These developments shift compliance from policy design to operational proof. Regulators are increasingly assessing what is happening in practice, through data, reporting, and observable outcomes, rather than what is documented.
- AUSTRAC AML/CTF reforms commenced for current reporting entities on 31 March 2026, with transitional relief for some obligations and new guidance on Rules changes and timelines.
- ASIC launched its IDR complaints data dashboard in March 2026, materially increasing firm-level transparency and enabling data-led supervision of complaint trends, timeliness and outcomes.
- ASIC enforcement remained intense, including the $35 million penalty against Macquarie, adviser bans, criminal charges, and managed investment scheme-related court outcomes.
- Payday Super readiness accelerated, with APRA/ATO engagement, employer resources, and draft rulings clarifying the new framework from 1 July 2026.
- AFCA’s updated Rules strengthened the consequences for non-compliance with determinations, including the possibility of public naming.
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