Australia

Market Infrastructure

ASX Defers CHESS Replacement by Six Months to Ensure Readiness

By Manesh Samtani | 05/09/2018

ASX deferred the earliest go-live date for new DLT-based system to target March-April 2021; will provide additional six months for user development and testing, industry testing and accreditation.

AML / KYC

Convicted Finance Director Sentenced in New Zealand For AML Breaches

By Garima Chitkara | 04/09/2018

New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.

Market Infrastructure

Aussie Banks Move to Reform Mortgage Broking Sector

By Manesh Samtani | 30/08/2018

Volumed-based bonus payments for mortgage brokers and other incentives to be abolished; new industry code of conduct prioritising customers’ interests expected by year-end.

Fintech / Regtech

Nikko Set to Enter New Zealand’s Robo Advice Market

By Manesh Samtani | 29/08/2018

New Zealand’s FMA has granted an exemption allowing Nikko to enter the robo-advice market; new digital platform to be launched later this year.

Enforcement

NAB, CBA Could Face Criminal Charges: Australian Royal Commission

By Garima Chitkara | 27/08/2018

Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.

Fintech / Regtech

SWIFT Trials Instant Cross-Border Payments Service in Asia Pacific

By Garima Chitkara | 27/08/2018

SWIFT is set to trial its gpi payments service using Australia’s New Payments Platform, together with banks from China, Singapore and Thailand.

Market Infrastructure

Major Banks Slow to Adopt New Payments Platform – RBA

By Garima Chitkara | 24/08/2018

RBA governor says major banks are slow to adopt NPP, Australia’s new real-time settlement system; however, banks have begun to speed up the uptake process, the assistant governor said.

AML / KYC

AusPayNet Consults on Online Fraud Mitigation Framework

By Editors | 23/08/2018

‘Card-not-present’ fraud accounts for 85% of all card fraud, as criminal activity migrates to online channels following the success in chip technology in preventing in-person fraud.

Big Picture

Finance, Banking Professionals Considered Most Unethical In Australia

By Garima Chitkara | 22/08/2018

The Governance Institute of Australia’s 2018 Ethics Index revealed that public trust in banking and financial services is at a new low.