AML / KYC

Westpac Unveils “First of its Kind” Anti Scam Service

28/03/2024

The AI-powered service will ask customers to answer a “series of dynamic questions” if a new payment appears to have high scam risk.

ESG / Sustainability

Australia Tables Bill to Introduce Climate Disclosures, Strengthen FMI Regime

28/03/2024

The legislation will implement new mandatory climate reporting requirements and strengthen regulatory arrangements for FMIs.

Enforcement

Visa, Mastercard to Settle 2005 Antitrust Case for $30b

28/03/2024

The settlement, which is subject to court approval, will also give merchants more negotiating power and enable more competitive pricing.

AML / KYC

Advice Industry Seeks Clarity on AUSTRAC Outsourcing Guidance

28/03/2024

The Financial Advice Association Australia calls on AUSTRAC to provide clear definitions of outsourcing versus reliance arrangements.

ESG / Sustainability

HKMA Urges Banks to Utilise GHG Reporting Tools

27/03/2024

The HKMA called on banks to make use of the two new GHG reporting tools launched by the Cross-Agency Steering Group last month.

Enforcement

ASIC Takes First Action for Failure to Obtain Director ID

26/03/2024

Under 2021 reforms, all directors are required to verify their identities with Australian Business Registry Services and obtain a director ID.

Enforcement

ANZ Agrees to Settle 2021 Credit Cards Class Action

26/03/2024

ANZ has agreed to pay A$57.5mn to settle a class action lawsuit brought by Phi Finney McDonald, subject to court approval.

AML / KYC

BSP Issues New Manual of Regulations for Payment Systems

26/03/2024

​The manual sets out rules and regulations governing the operations of the national payment system, as well as payment providers.

Fintech / Regtech

China Proposes New Data Security Rules for Banks, Insurers

25/03/2024

Banks and insurers must establish a “data security responsibility system”, and designate a centralised management department to be responsible for data security.