Fintech / Regtech

BSP Studying Impact of Generative AI on Banking Industry

12/03/2024

The BSP is seeking to introduce  ‘guardrails’ to mitigate potential risks associated with the use of Gen AI in the banking industry.

Australia Drafts Legislation to Bring BNPL Under Credit Act

12/03/2024

BNPL providers will be required to obtain a credit licence, comply with requirements under the Credit Act, and make sure they are lending responsibly.

Market Infrastructure

Australia to Introduce “Financial Sector Regulatory Grid”

12/03/2024

The new regulatory grid system will enable ASIC, APRA, the ACCC, the RBA and the ATO to better coordinate financial sector regulation.

Enforcement

ASIC Issues First Ever Penalty Against Market Operator

07/03/2024

ASX has paid A$1.05mn for a pre-trade transparency failure caused by “carelessness rather than recklessness or intentional misconduct”.

Australia: Islamic Bank Returns Restricted ADI Licence to APRA

07/03/2024

Islamic Bank was going to be Australia’s first purely Islamic bank but decided to surrender its restricted ADI licence due to capital raising challenges.

ESG / Sustainability

RBNZ Considers Ways to Build Climate Risk into Credit Risk Weights

07/03/2024

When considering any future changes to the approach to setting risk weights, the RBNZ will ensure they are data-driven and explicitly linked to financial risk.

AML / KYC

AUSTRAC Launches AML Probe Into Gambling Company Bet365

07/03/2024

The probe follows a Nov 2022 order from AUSTRAC requiring Bet365 to appoint an external auditor to assess AML/CTF compliance.

Fintech / Regtech

BNM to Upgrade RENTAS, Including to Facilitate CBDC

07/03/2024

BNM’s modernisation plan for RENTAS includes future-proofing the system and enhancing its risk management functionalities.

ESG / Sustainability

Taiwan to Help Eswatini Establish Carbon Exchange

07/03/2024

The TWSE and TCX signed MoUs with the Eswatini Stock Exchange to enhance cooperation including in carbon credit business.