Australia

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.

Capital / Liquidity

RBNZ Consults on New Capital Instrument for Mutual Banks

By Sanday Chongo Kabange | 11/07/2023

Mutual banks will be allowed to issue a new MET1 capital instrument, providing them more capital raising flexibility.

AML / KYC

NAB Becomes First Aussie Bank to Remove Links From Text Messages

By Sanday Chongo Kabange | 10/07/2023

The move is one of 64 projects completed or underway across NAB to help address the “global scam epidemic”.

Australia says NFTs Are Not Digital Currencies for GST Purposes

By Ranamita Chakraborty | 10/07/2023

The Australian Taxation Office clarifies that it does not consider crypto assets such as non-fungible tokens and stablecoins as digital currencies for GST purposes.