Securities regulator says current maximum punishments are not sufficient as they don’t wipe out gains made from illicit activity.
Providers still need to be pre-approved to offer financial advice; new rules formalising licensing of robo-advice per se expected in 2019.
Biggest lenders continue to frustrate efforts by authorities to increase competition and throw open door to banking disruptors.
Chairman Greg Medcraft expresses concern about regulatory fragmentation with increased use of technology, emergence of ICOs.
Largest banks will be required to have measures in place to survive the failure of a key service provider, according to new outsourcing policy.
Australia hopes to cooperate with other jurisdictions in SE Asia amid concern IS will turn its attention to the region after Middle East setbacks.
Banks should still devote time to correctly budget, resource and plan technology projects for EFS based on the new timelines.
Regulator’s chairman says each algorithmic system must have designated individual responsible for design and outcomes, echoing new bank accountability regime.
Requirements on balance sheet reporting a stiff challenge for banks despite regulators' nods to technology’s potential, says Axiom SL.
APRA inquiry to look at whether governance, culture and accountability frameworks conflict with ‘sound risk management and compliance outcomes’.