Australia

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    Fintech / Regtech

    Australia Seeks Public Views on Policy Response to AI

    By Editors | 01/06/2023

    The consultation will “help ensure Australia continues to support responsible AI practices to increase community trust and confidence,” the government said.

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    ASIC Postpones Deadline for Financial Adviser Registration

    By Ranamita Chakraborty | 31/05/2023

    The new October deadline will allow parliament to consider improvements to the registration process already proposed in legislation, ASIC said.

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    AML / KYC

    Perth Mint Misses AUSTRAC Deadline, CEO Resigns

    By Editors | 31/05/2023

    The delay was attributed to the complexity of the audit and the challenges in gathering the required information.

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    Capital / Liquidity

    APRA, AUSTRAC Enter Enforceable Undertakings With BoQ

    By Editors | 31/05/2023

    For APRA’s enforceable undertaking, Bank of Queensland has to set aside an extra A$50mn in regulatory capital.

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    AML / KYC

    Australia: Crown Agrees to A$450m Penalty for AML Failures

    By Editors | 31/05/2023

    Crown admitted to AML/CTF breaches at its Melbourne and Perth casinos and agreed to pay A$450mn, subject to court approval.

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    AML / KYC

    SkyCity Adelaide Ordered to Review AML/CTF Programme

    By Editors | 30/05/2023

    SkyCity Adelaide ordered to report on how it is meeting its AML/CTF obligations, and appoint an independent monitor.

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    Market Infrastructure

    RBA Publishes Findings from Payments Infrastructure Review

    By Sanday Chongo Kabange | 30/05/2023

    The external review was conducted by Deloitte in response to a four-hour outage suffered by the RBA in October 2022.

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    Enforcement

    PwC Australia Announces Removal of Nine Partners

    By Sanday Chongo Kabange | 30/05/2023

    PwC Australia has directed nine partners to go on leave pending the outcome of an investigation into the leak of confidential government information.

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    ESG / Sustainability

    NZ FMA to Issue Additional Guidance on Climate Disclosures

    By Sanday Chongo Kabange | 30/05/2023

    The FMA will issue guidance covering monitoring, third-party providers, record-keeping, and scenario analysis in June and July.

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    Capital / Liquidity

    RBNZ Confirms Plan to Ease Mortgage Lending Restrictions

    By Ranamita Chakraborty | 29/05/2023

    A 10 percent limit on owner-occupier loans with an LVR above 80 percent will increase to 15 percent.

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