Australia

Australia: Big Banks to Face Scrutiny from Parliamentary Committee

By Sanday Chongo Kabange | 20/02/2023

The big four will face questions about how they set interest rates, protect customers from scams, and support the flow of credit to small businesses.

Securities / Derivatives

ASX Sets Out New Roadmap for CHESS Replacement Solution

By Manesh Samtani | 20/02/2023

ASX is giving away up to AUD 70 million to stakeholders in rebates and incentives to support their efforts in meeting project milestones.

AML / KYC

AUSTRAC Signs Anti-Financial Crime MoUs with UK FCA, HMRC

By Editors | 20/02/2023

The MoUs will support improved supervisory practices and tools, and facilitate enhanced monitoring of businesses operating across the UK and Australia.

Market Infrastructure

Australia Considers 116 Proposals to Reform Privacy Law

By Editors | 19/02/2023

The proposals include increasing individuals privacy rights and imposing additional obligations on organisations in possession of personal data.

ASIC Publishes New Indigenous Financial Services Framework

By Editors | 19/02/2023

ASIC encourages the financial services industry to improve their understanding of First Nations peoples and embed this into their engagement approach.

AML / KYC

Australia to Explore Introduction of SMS Sender ID Register

By Editors | 18/02/2023

The government has asked ACMA to investigate different SMS sender ID register models that can help prevent scams and to report back to the government.

Australia Proposals to Regulate BNPL Gains Widespread Support

By Editors | 17/02/2023

AFCA has received more than 3,300 complaints against BNPL providers since 2018. ASIC supports regulating BNPL under the National Credit Act.

Enforcement

Court Issues Australia’s Largest Ever Fine for Disclosure Failures

By Editors | 17/02/2023

Former ASX-listed GetSwift was ordered to pay A$15mn. Three former directors were also penalised.

Enforcement

Enforcement ‘At the Heart’ of ASIC’s Work: Joe Longo

By Sanday Chongo Kabange | 16/02/2023

ASIC warns that it will target greenwashing, predatory lending and misleading insurance pricing promises.