Australia

Fintech / Regtech

Australia Proposes Framework to Enable CDR ‘Action Initiation’

By Editors | 30/09/2022

Consumers would be able to instruct businesses to make payments, open and close accounts, switch providers, and update personal details on their behalf.

Securities / Derivatives

FMSB, ASIC Agree to Jointly Promote Financial Market Integrity

By Editors | 29/09/2022

The FMSB will consult with ASIC on its annual strategy refresh and provide details about forthcoming drafts of proposed standards, statements of good practice and other publications.

Capital / Liquidity

New Zealand Introduce Bill to Enhance Depositor Protections

By Editors | 28/09/2022

The legislation will introduce a deposit protection scheme, new supervisory powers for the RBNZ, and a new accountability framework for deposit takers’ directors.

AML / KYC

AUSTRAC Identifies Emerging AML Risks Facing Super Funds

By Sanday Chongo Kabange | 28/09/2022

Super funds are exposed to cyber crime, as well as AML risks resulting from the growth in merger activity across the sector.

Enforcement

ASIC Finalises Guidance on Completing Timely Remediations

By Editors | 28/09/2022

ASIC says it should not have to oversee remediations in order for consumers to receive fair and timely outcomes.

Securities / Derivatives

NZ FMA Proposes to Update Guidance on Broker Obligations

By Editors | 28/09/2022

The FMA is proposing to update its 2014 guidance to align with regulatory updates and incorporate additional guidance for custodians.

AML / KYC

AUSTRAC Spotlights Risks Associated with Remittance Sector

By Sanday Chongo Kabange | 27/09/2022

Most remittance dealers and remittance network providers did not submit any SMRs in the reporting period assessed by AUSTRAC.

Market Infrastructure

Australia: Optus Data Breach to Prompt Legislative Reform

By Manesh Samtani | 27/09/2022

Australian Prime Minister Anthony Albanese said the Optus breach was a “huge wake-up call” for the corporate sector.

Crypto / Digital Assets

RBA to Commence CBDC Pilot Tests Early Next Year

By Editors | 26/09/2022

The CBDC will be called eAUD. Industry participants are invited to propose CBDC use cases, and to participate in testing. Expressions of interest are due by 31 October.