Australia

Capital / Liquidity

APRA Adopts Changes to Credit Risk Reporting Standard

By Editors | 30/10/2023

The reporting standard for counterparty credit risk is being amended so it only applies to significant financial institutions.

AML / KYC

Penalties for Non-Enrolment with AUSTRAC to Start on 9 Nov

By Editors | 26/10/2023

Businesses that provide designated services without enrolling with AUSTRAC will accrue daily penalties starting from 9 November.

AML / KYC

AFP Arrests Seven Over $228m Money Laundering Scheme

By Editors | 26/10/2023

The seven are being charged under the “most complex AFP-led money-laundering investigation in the nation’s history”.

Fintech / Regtech

Australian Fintech Consortium Launches Solution to Tackle Verification and Identity Theft

By Mark Johnston | 25/10/2023

AP+ launches ConnectID, a service that lets customers verify their identity without oversharing their data, becoming the first non-government accredited […]

Crypto / Digital Assets

Key Takeaways from Australia’s Proposal for Regulating Digital Asset Platforms

By Angela Ang | 23/10/2023

Angela Ang says Australia’s proposal for regulating digital asset platforms meets a high regulatory bar while also supporting innovation.

ESG / Sustainability

Super Funds Urged to Ensure Accurate Sustainable Finance Disclosures

By Mark Johnston | 21/10/2023

At a roundtable, APRA and ASIC asked super fund trustees to prepare for mandatory climate-related financial disclosure requirements.

Enforcement

ASIC Bans Former PwC Partner Peter-John Collins for Eight Years

By Editors | 21/10/2023

ASIC said Peter-John Collins is “not a fit and proper person” and that preventing him from working in the financial services industry was “in the public interest”.

Capital / Liquidity

RBNZ to Amend ESAS Access Policy, Eligibility Criteria

By Editors | 20/10/2023

RBNZ consultation revealed “considerable demand” for access to ESAS by non-banks for payments and settlements, access to HQLA, and interest income.

ASIC Tweaks Reportable Situations Regime to Reduce Industry Burden

By Mark Johnston | 20/10/2023

Certain breaches will no longer be automatically reportable if they meet certain criteria, like if they impact only one person or don’t cause any financial loss or damage.