Australia

Fintech / Regtech

ASIC to Host Industry Roundtable on CHESS Replacement Project

By Editors | 17/07/2023

ASIC chair Joe Longo will chair an industry roundtable on 2 August to discuss a proposed CHESS replacement solution.

APRA Needs to Strengthen Superannuation Regulation: FRAA Review

By Ranamita Chakraborty | 17/07/2023

The Australian Prudential Regulation Authority (APRA) has welcomed the release of the Financial Regulator Assessment Authority (FRAA)’s review report on its effectiveness and capability in supervising and resolving issues in the superannuation sector.

Enforcement

Cigno, BHF Solutions Breached National Credit Act, Court Rules

By Sanday Chongo Kabange | 15/07/2023

Australia’s Federal Court said the lending model the firms operated was specifically intended to avoid provisions of the National Credit Act.

Market Infrastructure

RBA Commences Overhaul Process after Comprehensive Review

By Sanday Chongo Kabange | 14/07/2023

Starting 2024, the RBA will introduce new changes to the way the central bank is managed and how its board handles monetary policy.

AML / KYC

Australian Banks Push Back on Mandatory Scam Reimbursements

By Editors | 13/07/2023

CBA deputy CEO David Cohen warned of a “moral hazard trap”. ANZ CEO Shayne Elliott said the UK voluntary code model wouldn’t stop scams.

Fintech / Regtech

NZ’s FMA Issues Proposal to Enhance Industry Operational, Cyber Resilience

By Editors | 12/07/2023

If a licensee experiences a significant disruption, they must promptly notify the FMA no later than 72 hours after the incident.

ACCC Launches Inquiry into Data Broker Services

By Editors | 12/07/2023

The inquiry will concentrate on third-party data brokers that gather information from external sources and share or sell it to other organisations.

AML / KYC

Australia: Crown Casinos Ordered to Pay Record Breaking Penalty

By Editors | 12/07/2023

Crown will pay A$125mn now, A$125mn within a year, and the remaining A$200mn within two years for AML/CTF breaches.

ESG / Sustainability

New Zealand Seeks to Extend Climate Disclosure Deadlines

By Ranamita Chakraborty | 11/07/2023

If approved, the exemption would waive the requirement for climate reporting entities to include their climate statements in their annual reports, and instead file them separately within four months of their balance date.