Australia

Sanctions

US, UK, Australia Announce New Round of Hamas Sanctions

By Editors | 23/01/2024

OFAC said the sanctions target Hamas, its financiers, and its international financial infrastructure, including crypto transfers.

ASIC Allows Two Extra Weeks to Register Financial Advisers

By Sanday Chongo Kabange | 19/01/2024

AFS licensees have until 16 February to register their financial advisers. Providing personal advice to retail clients without registration will be subject to regulatory action.

Enforcement

Australian Court Fines ME Bank for Misleading Home Loan Customers

By Editors | 19/01/2024

ME Bank sent inaccurate home loan information to its customers and failed to provide written notice about annual interest rate and repayment amount changes.

Fintech / Regtech

Australia to Establish Risk-based Guardrails for AI Development

By Editors | 18/01/2024

The government will establish mandatory guardrails to promote the safe design, development and deployment of AI systems.

Capital / Liquidity

Australia Treasury Seeks Feedback on Clearing and Settlement Services Rules

By Mark Johnston | 16/01/2024

The draft regulations will specify the classes of clearing and settlement services that are subject to ASIC’s rules and the CCA’s arbitration regime.

ESG / Sustainability

Australia Proposes Legislation to Introduce Climate Reporting Reforms

By Sanday Chongo Kabange | 15/01/2024

The commencement date for the largest entities to file sustainability reports based on standards issued by the AASB is 1 July 2024.

Big Picture

Teething Issues: OTC Derivatives Reporting Rewrites in APAC

By Manesh Samtani | 10/01/2024

The more challenging aspects of implementation involve jurisdiction-specific data fields, the UTI waterfall, UTI generation, and ISO 20022.

ASIC Extends Product Intervention Orders on Short Term Credit

By Sanday Chongo Kabange | 06/01/2024

The product intervention orders issued in July 2022 were to remain in force for 18 months. They will now remain in force until 1 October 2032.

Fintech / Regtech

RBA Sets Expectations for Enhanced Debit Card Market

By Sanday Chongo Kabange | 22/12/2023

The RBA wants all industry participants to support token portability and token synchronisation by June 2025.