Australia

Capital / Liquidity

APRA Finalises New Resolution Planning Standard & Guidance

By Editors | 18/05/2023

CPS 900 will formally come into effect from 1 January 2024, but individual entities would only be subject to the requirements when notified by APRA.

AML / KYC

Australia: New Cross-Industry Code to Require Banks to Reimburse Scam Victims

By Editors | 16/05/2023

The code will be enforceable and set clear expectations on the obligations of banks, telcos and social media platforms.

AML / KYC

Australian Banks Launch New Fraud Reporting Platform

By Editors | 16/05/2023

The platform streamlines communications so banks can alert each other in real time when funds have been sent to a suspected scammer’s account.

Enforcement

Australia, New Zealand to Jointly Investigate Data Breach

By Editors | 15/05/2023

The probe into Latitude’s data breach is the first joint privacy investigation by Australia and New Zealand authorities.

Enforcement

ASIC to ‘Sharpen Focus’ on Misconduct by Credit Providers

By Editors | 11/05/2023

Deputy chair Sarah Court said credit providers and debt management firms that take advantage of vulnerable consumers are in ASIC’s sights.

ESG / Sustainability

ASIC Offers Guidance on Avoiding Greenwashing Penalties

By Editors | 11/05/2023

ASIC has taken 35 actions against greenwashing since July 2022. It has several other investigations underway and anticipates further regulatory action.

AML / KYC

Australia Budget Offers Funding for AML, Scams, Cyber

By Manesh Samtani | 10/05/2023

Funding is provided to AUSTRAC, the Attorney-General’s Department, ASIC, the ACCC, and the launch of an SMS Sender ID Registry.

Market Infrastructure

RBNZ Proposes to Collect More Data on Cyber Incidents

By Editors | 09/05/2023

The RBNZ proposes to introduce mandatory reporting of all material cyber incidents within 72 hours, and periodic reporting of non-material incidents.

Enforcement

Australia: Medibank Faces Four Class Actions Over October Cyberattack

By Editors | 09/05/2023

The Federal Court is expected to consolidate the class actions. Medibank is also facing an investigation from Australia’s privacy regulator.