Australia & NZ

APRA and AUSTRAC plan to directly engage and share information with regtech firms to aid in their development of solutions that can help regulated entities comply with reporting obligations.

ASIC is looking to engage with regtech firms to develop systems that use artificial intelligence to detect misleading advertising and spot disclosure problems in financial advice.

Much of the focus will be on lifting industry standards on governance, remuneration, and the management of non-financial risks, said APRA chair Wayne Byres.

The Australian Banking Association will implement 7 Royal Commission recommendations through amendments to the Banking Code of Practice.

Among other findings, the report notes the need for additional investment in data and analytical tools to strengthen prudential supervision and systemic risk oversight.

Westpac has vowed to fight the claim, saying it takes its responsible lending obligations very seriously. But it could face a multi-million-dollar settlement if other borrowers join the class action.

The proof of concept project commenced in December 2018 and aims to help reporting entities automate the reporting of international funds transfers to AUSTRAC.

The law expands the whistleblower definition, extends protections for those who report misconduct, and requires companies to have a whistleblower policy.

Under HSBC Australia's remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.

As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.