Australia

Capital / Liquidity

APRA Finalises Expectations on Holding Contingent Liquidity

By Manesh Samtani | 11/12/2022

MLH ADIs with more than A$1bn in liabilities are expected to reduce self-securitised assets held as contingent liquidity to at least 10% of total deposits and short-term wholesale liabilities.

AML / KYC

AUSTRAC Issues Guidance to Help Customers Without Standard IDs

By Editors | 09/12/2022

The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.

Capital / Liquidity

APRA Finalises New Standard on Public Disclosures by Banks

By Manesh Samtani | 09/12/2022

The standard, which will require disclosure of remuneration arrangements, will become effective from 1 January 2025, 12 months later than initially proposed.

Crypto / Digital Assets

Australian Regulators Progressing Work on Stablecoins, CBDC

By Manesh Samtani | 09/12/2022

The CFR is trying to incorporate payment stablecoins into the proposed framework for SVFs. Meanwhile RBA assistant governor warns that CBDC could threaten financial stability.

Fintech / Regtech

Australia to Expand CDR to Enable Action Initiation

By Editors | 08/12/2022

Under a new bill in Parliament, consumers will be able to instruct accredited third parties to initiate CDR‑powered actions on their behalf.

AML / KYC

AUSTRAC Launches Federal Court Proceedings Against SkyCity

By Sanday Chongo Kabange | 08/12/2022

The proceedings against SkyCity are the third AUSTRAC has brought against casino operators, after similar cases were launched against Star and Crown casino entities.

Enforcement

ASIC Sues Amex in First Court Case Involving DDO Breaches

By Editors | 07/12/2022

ASIC alleges that American Express Australia breached its design and distribution obligations in relation to two credit cards it issued and co-branded with retailer David Jones.

AML / KYC

AUSTRAC Consults on Drafts Guidance to Address Debanking

By Sanday Chongo Kabange | 05/12/2022

FIs should consider a remitter’s, DCE’s or fintech’s registration with AUSTRAC as a mitigating factor when assessing its ML/TF risks.

Market Infrastructure

NZ FMA Publishes Guidance on New Conduct Licensing Regime

By Sanday Chongo Kabange | 04/12/2022

The FMA will begin accepting licence applications on 25 July 2023. The new CoFi regime will come into force in early 2025.