Australia

AML / KYC

Australia Abruptly Halts Business Registers Upgrade Project

By Sanday Chongo Kabange | 29/08/2023

Australia is stopping work on its business registers modernisation programme due to its excessive cost and expected time-to-completion.

Enforcement

ASIC’s New 4-Year Plan Highlights Heavy Enforcement Focus

By Editors | 29/08/2023

ASIC will target scams, digitally-enabled misconduct, predatory lending, and greenwashing, while also “closely monitoring” the use of AI.

ANZ, Suncorp Challenge ACCC’s Decision to Block Merger Deal

By Mark Johnston | 28/08/2023

ANZ and Suncorp filed separate applications to the Australian Competition Tribunal seeking a review of the ACCC’s decision.

Sanctions

New Zealand Joins US, UK in Sanctions over Treatment of Ukrainian Children

By Editors | 27/08/2023

The New Zealand and US sanctions coincided with Ukrainian Independence Day on 24 August.

Fintech / Regtech

APRA to Punish Failures to Meet Operational Resilience Expectations

By Mark Johnston | 26/08/2023

APRA’s Therese McCarthy Hockey said additional capital requirements will be imposed on entities found to be “significantly wanting” in compliance.

Capital / Liquidity

RBNZ Finalises ‘Connected Exposures’ Policy, Effective in October

By Sanday Chongo Kabange | 25/08/2023

RBNZ’s Kate Le Quesne said the new connected exposures policy aligns with the capital adequacy framework and supports financial stability.

Market Infrastructure

Australian Government Launches Competition Policy Review

By Mark Johnston | 25/08/2023

Among other things, the review will consider a tightening of the existing merger clearance regime, as proposed by the ACCC.

ESG / Sustainability

IGCC Devises Climate Resilience Strategy

By ESG Investor | 25/08/2023

Adaptation themes will be incorporated into IGCC’s workstreams to drive investment in climate resilience across Australia and New Zealand.

Crypto / Digital Assets

RBA Completes CBDC Research Project, Issues Findings

By Sanday Chongo Kabange | 24/08/2023

The project highlighted areas where a CBDC could enhance the payments system, but also raised a number of legal and regulatory issues.