Australia

Fintech / Regtech

Legislation Introduced to Expand Australia’s Digital ID System

By Sanday Chongo Kabange | 01/12/2023

The bill introduces a voluntary accreditation scheme for Digital ID service providers, and will allow myGovID to be used in the private sector.

APRA Publishes Additional Data on Super Fund Underperformance

By Sanday Chongo Kabange | 01/12/2023

APRA says there is “considerable scope” for fee reductions across the superannuation industry, particularly for trustee directed products.

APRA Consults on Next Phase of Super Fund Reporting Requirements

By Editors | 30/11/2023

The new collections will include data on trustee boards, product distribution arrangements, investment governance, investment manager costs, and financial statements.

AML / KYC

Australian Government Consults on Scams Code Framework

By Manesh Samtani | 30/11/2023

The framework sets out the responsibilities of banks, telcos and digital platforms to prevent, detect, disrupt, and respond to scams.

Fintech / Regtech

APRA Calls on Firms to Improve Data Risk Management Practices

By Sanday Chongo Kabange | 29/11/2023

APRA outlined multiple areas where improvements can be made to improve the data management practices of banks, insurers, and superannuation trustees.

ASIC Issues New Guidance on Financial Adviser Registration

By Sanday Chongo Kabange | 29/11/2023

ASIC’s new guidance is to help financial advisers who service retail clients to register before the 1 February 2024 final deadline.

Securities / Derivatives

ASX Commits to Enhancing CHESS Project Delivery Capabilities

By Editors | 29/11/2023

ASX has committed to implementing all of the recommendations from an independent review of its Portfolio, Program, and Project Management frameworks.

AML / KYC

13 FIUs Establish Task Force to Disrupt Terrorist Financing

By Editors | 28/11/2023

The FIUs including FinCEN, UKFIU, AUSTRAC, and NZFIU established the task force last month but is publicly recognising its formation now.

Securities / Derivatives

ASX Announces Decision to Wind Down mFund Platform

By Editors | 28/11/2023

ASX said it received feedback that self-directed and advised investors were unlikely to adopt mFund to the same extent that they adopt exchange traded products.