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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.
Capital / Liquidity
APRA Finalises Standards on Recovery and Exit Planning
By Editors | 04/12/2022
The new standard will come into effect from 1 January 2024 for banks and insurers and from 1 January 2025 for RSE licensees.
ESG / Sustainability
ASIC Fines Vanguard Australia for ‘Greenwashing’ in Funds
By Editors | 02/12/2022
Vanguard’s exclusion was meant to prevent investment in companies that sell tobacco products, but its screen only excluded manufacturers and not sellers.
Capital / Liquidity
APRA Pledges to Minimise Burden of New Data Collections
By Editors | 02/12/2022
APRA says it is committed to “early and frequent” engagement with the industry on its new data collections, what it calls a “co-design approach”.
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