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Australia
Fintech / Regtech
Reforms Needed to Better Regulate AI: ASIC Chair
By Manesh Samtani | 01/02/2024
ASIC is conducting a review into the use of AI in the banking, credit, insurance, and advice sectors to better understand use cases and impacts to consumers.
Market Infrastructure
New Zealand to Overhaul Financial Services Regulations
By Editors | 01/02/2024
NZ will restructure its twin peaks regulatory framework, simplify licensing requirements, and reform the Companies Act, CoFI, and CCCFA.
Market Infrastructure
APRA Outlines Supervision and Policy Priorities for H1 2024
By Sanday Chongo Kabange | 01/02/2024
APRA’s priorities will include operational and cyber resilience, and embedding lessons from last year’s banking turmoil, among other areas.
AML / KYC
Australia-US Agreement on Electronic Data Access Comes Into Force
By Editors | 01/02/2024
The agreement will better enable US and Australian agencies to prevent, detect, investigate, and prosecute serious crimes.
Enforcement
Westpac Fined A$9.8m for 2016 Pre-Hedging Case
By Sanday Chongo Kabange | 31/01/2024
Westpac will pay the maximum penalty of A$1.8mn allowed in 2016 for unconscionable conduct and another A$8mn for ASIC’s costs.
APRA Finalises Updates to EFS Reporting Standards
By Mark Johnston | 31/01/2024
The revised standards apply to reporting periods ending on or after 30 June. The updated Priority Listing for Data Items apply to reporting periods ending after 31 October.
Sanctions
Australia Commences Review of Autonomous Sanctions Regime
By Editors | 30/01/2024
The review will examine how the autonomous sanctions framework could better support the government’s foreign policy objectives.
Sanctions
US, UK Join Australia in Sanctioning Russian Cyber Attacker
By Mark Johnston | 24/01/2024
The US and UK took action “in solidarity with Australia” because of the similar risk Aleksandr Ermakov presents to both countries.
AML / KYC
Australia Scraps Golden Visa Programme in Immigration Overhaul
By Editors | 24/01/2024
The programme is being scrapped after the government found it was “delivering poor economic outcomes” and had failed to meet its core objectives.
Capital / Liquidity
RBNZ Consults on Proposals to Activate DTI Restrictions for Mortgage Lending
By Sanday Chongo Kabange | 23/01/2024
The RBNZ says DTI restrictions will allow the central bank to loosen the LVR settings without increasing risks to financial stability.
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