Australia

AML / KYC

Australia Appoints NEW AUSTRAC CEO for Five Year Term

By Editors | 17/12/2023

Brendan Thomas from the NSW Department of Communities and Justice will replace Nicole Rose effective 29 January 2024.

Securities / Derivatives

Australia Proposes Bill to Reform Regulatory Regime for FMI Entities

By Manesh Samtani | 17/12/2023

The RBA and ASIC will gain enhanced regulatory powers over financial markets, CS facilities, derivative trade repositories, and benchmark administrators.

ACCC Concludes Review of Retail Deposits Market

By Manesh Samtani | 15/12/2023

The ACCC found banks using “strategic pricing” for retail deposit products, which worsens outcomes for consumers.

Fintech / Regtech

RBA Sets Out Focus Areas for Upcoming Payments System Review

By Editors | 15/12/2023

The key focus areas for next year’s review are mobile wallets, BNPL services, and least-cost routing, Michele Bullock said.

AML / KYC

RBNZ Issues Formal AML/CFT Warning to Citibank

By Sanday Chongo Kabange | 14/12/2023

Citibank NZ failed to pass on the identities of the originators of 64,000 wire transfers between 2017 and 2022.

Market Infrastructure

RBNZ Returns to Single Mandate, Renewing Focus on Inflation

By Editors | 14/12/2023

The RBNZ was tasked with a dual mandate in 2018, targeting both low inflation and full employment. “This change was a mistake,” said Finance Minister Nicola Willis.

AML / KYC

CBA, Vodafone Announce Scam Intelligence Sharing Partnership

By Sanday Chongo Kabange | 13/12/2023

CBA and Vodafone are sharing intelligence on SMS scams to help disrupt, detect and block fraudulent payments.

AML / KYC

AUSTRAC Announces Regulatory Priorities for 2024

By Editors | 13/12/2023

AUSTRAC will scrutinise the banking, gambling and remittance sectors, as well as crypto firms, payment platforms and non-bank lenders.

ESG / Sustainability

ACCC Issues Finalised Guidance on Greenwashing

By Sanday Chongo Kabange | 13/12/2023

The guidance comprises eight principles to help businesses ensure their environmental and sustainability claims comply with the law.