Australia

Enforcement

RBA Drops Plan to Ban Default Routing on Debit Cards

By Ranamita Chakraborty | 18/08/2023

A recent public consultation raised concerns that the ban could lead to unsuccessful transactions and necessitate the expensive reissuing of all debit cards.

Enforcement

ATO Has Stopped A$2.7b in Fraudulent GST Claims

By Editors | 17/08/2023

Fraudulent GST claims have led to more than 100 arrests, 10 convictions, and compliance actions taken against as many as 56,000 people.

Australia: Super Funds Call for Reforms to Tax Offset Scheme

By Editors | 17/08/2023

Twelve major industry super funds and Women In Super call for urgent LISTO reforms to avoid harming low-income workers.

AML / KYC

NZ DIA Warns Money Remitters on Using Third-Party Accounts

By Sanday Chongo Kabange | 17/08/2023

Money remitters are using third-party bank accounts to deliver their money remittance services without advising the bank of this purpose.

ESG / Sustainability

RBNZ Publishes ‘Too Little, Too Late’ Climate Stress Test Scenario

By Editors | 15/08/2023

The climate stress test scenario is titled ‘Too Little, Too Late’ because of the lengthy delay in enacting meaningful global climate policies.

Big Picture

Inside ASIC’s Derivatives Reporting Rule Rewrite

By Manesh Samtani | 14/08/2023

ASIC’s Alex Orgaz-Barnier and DTCC’s Priya Kundamal spoke to Regulation Asia about the changes to the derivative transaction reporting regime in Australia.

ESG / Sustainability

ASIC Takes Legal Action Against Active Super for Alleged Greenwashing

By Ranamita Chakraborty | 11/08/2023

Australian superannuation fund Active Super allegedly invested in coal, tobacco, and Russian entities despite claiming to be ethical and responsible.

New Zealand Set to Unveil Regulatory Framework for BNPL

By Editors | 11/08/2023

BNPL lenders will have to complete comprehensive credit reporting when customers sign up or increase their credit limit.

Enforcement

ASIC Sues Debt Management Firm for Causing Consumer Harm 

By Sanday Chongo Kabange | 10/08/2023

The debt management firm offered to help borrowers solve their financial burdens but instead caused them more harm, ASIC alleges.