Australia

New Zealand to Probe Excessive Profits in Retail Banking

By Karen Ng | 23/06/2023

New Zealand’s Commerce Commission will conduct its first-ever study to assess competition in personal banking services.

AML / KYC

Senate Committee to Investigate Perth Mint’s AML Compliance

By Editors | 22/06/2023

The Senate voted to set up the inquiry into Perth Mint, without support from the federal Labor government.

Fintech / Regtech

ASIC Chair Cautions Against Hasty Implementation of AI Tools

By Editors | 22/06/2023

ASIC plans to extend its automated order processing rules to futures markets and update its electronic trading guidance to reflect developments with AI.

Securities / Derivatives

ASIC Proposes to Remake Derivative Trade Repository Rules

By Editors | 22/06/2023

ASIC proposes to remake the 2013 rules in substantially the same form with two minor updates ahead of sunset.

Crypto / Digital Assets

Cuscal Introduces New Requirements for Crypto Firms in Australia

By Ranamita Chakraborty | 22/06/2023

Digital currency exchanges have to meet additional requirements to continue using services on Cuscal’s platform.

ESG / Sustainability

New Zealand FSC Publishes New Guidance on Climate Disclosures

By Sanday Chongo Kabange | 21/06/2023

The new FSC guidance is designed to help fund managers and insurers to better understand and assess climate-related risks and prepare for mandatory climate reporting.

Market Infrastructure

RBNZ Considers Expanding Access to Settlement Accounts

By Sanday Chongo Kabange | 19/06/2023

The RBNZ is seeking feedback on a framework to assess the risks of opening up access to the Exchange Settlement Account System.

Enforcement

APRA Fines OnePath Custodians for Breaching Superannuation Law

By Sanday Chongo Kabange | 19/06/2023

OnePath Custodians failed to direct 125 default member contributions to a MySuper product as required by the law.

Australia Calls for Improved Transparency on Remittance Costs

By Mark Johnston | 18/06/2023

A coalition of companies has called on the government to require banks to disclose all the costs of international money transfers upfront.