Australia

Fintech / Regtech

ACCC Approves NAB as Accredited Data Recipient Under CDR

By Editors | 21/09/2021

NAB is Australia’s second big four bank to become an accredited data recipient under the CDR regime, which underpins open banking.

Enforcement

ACCC Launches Formal Investigation into Apple Pay

By Editors | 17/09/2021

Cards held in a third-party wallet such as a bank app can pay in-store only if they are routed through Apple Pay for a cost.

Market Infrastructure

NZ Privacy Commissioner Issued Compliance Notice to RBNZ

By Editors | 16/09/2021

The compliance notice was triggered by the cyber-attack suffered by the RBNZ in December 2020, and confirms the work underway to make its systems more secure.

Enforcement

CBA Faces Criminal Charges Over Consumer Credit Insurance Sales

By Editors | 16/09/2021

Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.

Enforcement

PCAOB Fines KPMG Australia Over Training-related Misconduct

By Editors | 15/09/2021

Cheating in online training tests was found to be widespread within the audit practice. KPMG Australia sanctioned 1,131 individuals.

Big Picture

Australia Can Do More to Facilitate Sustainable Recovery: OECD

By Editors | 15/09/2021

The OECD recommends the creation of a roadmap for improving reporting of climate-related risks by listed companies and financial institutions.

Enforcement

Australia: Members Equity Bank Facing 62 Criminal Charges

By Editors | 15/09/2021

ASIC says ME Bank made false or misleading representations about interest rates and repayment amounts to home loan clients.

Market Infrastructure

Australia Appoints Inaugural Members to FRAA

By Editors | 15/09/2021

Nicholas Moore, ex-CEO of Macquarie Group, has been appointed as Chair of the Financial Regulator Assessment Authority, which will oversee ASIC and APRA.

Market Infrastructure

ACCC Authorises Amalgamation of BPAY, eftpos, NPPA

By Editors | 15/09/2021

The ACCC said the merger will enable the three payment schemes to coordinate investment proposals, avoid duplicative spending, and likely result in public benefit.