Australia

Crypto / Digital Assets

Australia: Regulatory Hurdles Delay Rollout of CBA Crypto Services

By Mark Johnston | 15/04/2022

ASIC is using its design and distribution powers to ensure CBA customers are provided the right level of disclosures around crypto product risks.

Fintech / Regtech

Australia, Singapore to Deepen Collaboration via ‘FinTech Bridge’

By Editors | 13/04/2022

The bilateral FinTech Bridge will enable stronger cooperation and collaboration on policy and regulation to better support the cross-border growth of the fintech industry.

AML / KYC

AUSTRAC Offers Update on Work to Enhance Reporting System

By Editors | 13/04/2022

The IFTI-E schema version 2.0 will be finalised in the next few months. This will be used to enable the upload of IFTI-E reports through a new API and user interface.

Australia Proposes Regulatory Changes to Make M&A More Efficient

By Sanday Chongo Kabange | 12/04/2022

The consultation seeks feedback on whether schemes of arrangement which relate to changes in corporate control should be regulated by the Takeovers Panel rather than the Court.

Securities / Derivatives

ASIC Extends Product Intervention Order Targeting CFDs

By Editors | 12/04/2022

Since the product intervention order took effect in March 2021, ASIC has observed few losses, margin close-outs, and negative balance occurrences affecting retail client.

AML / KYC

AUSTRAC Issues Guidance on Engaging AML/CTF Advisers

By Editors | 11/04/2022

Without endorsing any AML/CTF adviser, AUSTRAC says it recognises the benefits and efficiencies that can be gained by firms from engaging third party consultants.

Fintech / Regtech

APRA to Set Out Expectations for FIs Dealing in Digital Assets

By Editors | 11/04/2022

APRA will not be introducing new regulatory requirements for FIs or attempting to hinder innovation. Rather, it will be asking them to closely assess and monitor new operational risks.

Enforcement

Westpac Super Trustee Fined for Overcharging Commissions

By Editors | 10/04/2022

On top of a A$20mn penalty, BT Funds Management will pay A$9.8mn in remediation to over 9.900 superannuation members.

ESG / Sustainability

Smaller Super Funds Face Bigger Sustainability Challenges: APRA

By Editors | 10/04/2022

On the whole, assets in small and medium sized super funds are declining. Large super funds can more easily spread their costs over a wider membership base.