Australia Tables Legislation to Adopt Global Minimum Tax

09/07/2024

The legislation will set a global and domestic minimum tax rate for multinational enterprise groups including banks.

ESG / Sustainability

ACCC Consults on Guidance for Sustainability Collaborations

08/07/2024

The guide is intended to assist businesses considering working together to achieve positive environmental outcomes without breaching Australian competition law.

Market Infrastructure

Senate Inquiry Recommends Complete Overhaul of ASIC

08/07/2024

Senator Andrew Bragg said too many Australians have been hurt by ASIC’s “persistent failure” to enforce the law and win prosecutions.

Fintech / Regtech

HKMA, IA Launch Open API Framework Linkage

08/07/2024

The new linkage seeks to enhance the mutual adoption of APIs for use cases across the banking and insurance sectors.

AML / KYC

HKMA Fines DBS for Historical AML Deficiencies

08/07/2024

HKMA investigation found deficiencies in the bank’s systems and controls for compliance with the AMLO.

AML / KYC

Australia: ATO Joins Anti-Scam Intelligence Sharing Platform

08/07/2024

The ATO has become the first government agency to join the ‘AFCX Anti‑Scam Intelligence Loop’.

HKMA Identifies Compliance Issues at Banks’ Trust Businesses

08/07/2024

No instances of non-compliance were found in self-assessments, though there were 12 instances of “partial compliance”.

Market Infrastructure

CDR Negatively Impacting Competition, says Australia Banking Body

05/07/2024

ABA says the CDR regime is not delivering for customers or enhancing competition in Australia’s banking industry.

Capital / Liquidity

SFC Issues Reminder on Financial Resources Adequacy Monitoring

05/07/2024

The SFC issued the reminder after it found undesirable practices and internal control deficiencies leading to breaches of the liquid capital requirement.