Australia

    Fintech / Regtech

    Australia Open Banking Regime Reaches New Milestone

    By Editors | 07/11/2021

    Major banks can enable data sharing for corporate customers and business partnerships. Non-major banks face enforcement action for non-compliance with their data sharing obligations.

    Australia Tables Final Tranche of Royal Commission-related Bills

    By Editors | 06/11/2021

    Legislation was introduced to establish the FAR and CSLR. Separate bills were introduced to improve the superannuation system and outcomes for litigation funding participants.

    Crypto / Digital Assets

    CBA to Become First Major Aussie Bank to Offer Crypto Trading

    By Sanday Chongo Kabange | 05/11/2021

    CBA will offer customers the ability to buy, sell and hold crypto assets directly through its ‘CommBank’ app, which is currently used by close to six million customers.

    APRA Finds Underperformance Among Choice Super Products

    By Sanday Chongo Kabange | 04/11/2021

    APRA plans to release its first Choice Product Heatmap in late 2021, following from its launch of the MySuper Product Heatmap in December 2019.

    ASIC Finds Conflict Management Failures at Super Funds

    By Ranamita Chakraborty | 03/11/2021

    ASIC identified a “clear failure” to identify investment switching by directors and executives of superannuation trustees as a source of potential conflict.

    ABA Rolls Out New Guidance on Providing Hardship Assistance

    By Editors | 02/11/2021

    Some banks, such as Westpac, have already begun to implement practices within the guideline. Others will roll out the practices over the next 12 months.

    Enforcement

    CBA Pleads Guilty to Mis-Selling Consumer Credit Insurance

    By Editors | 01/11/2021

    Deputy chair Sarah Court said ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.

    Market Infrastructure

    New Zealand Introduces Bill on Retail Payments Regulation

    By Editors | 01/11/2021

    The regime will cap interchange fees on designated payment networks, starting with Mastercard and Visa’s credit and debit card networks.

    APRA Finalises Expectations on Negative Rate Preparedness

    By Editors | 31/10/2021

    ADIs have until 31 July 2022 to develop tactical solutions to implement zero and negative market interest rates and cash rate.

    AML / KYC

    AUSTRAC Asks Banks to Avoid Indiscriminate De-banking Practices

    By Editors | 31/10/2021

    De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.

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