Australia

Fintech / Regtech

ASX Pledges to Remediate Issues Identified in RBA Assessment

By Manesh Samtani | 09/10/2023

The RBA said ASX has been operating at a “heightened level of overall risk level for an extended period” and this needs to be addressed “promptly”.

Australia to Amend Superannuation Tax Concession Policy

By Sanday Chongo Kabange | 06/10/2023

The government is proposing “slightly less generous” tax concessions for individuals with a total superannuation balances above A$3mn.

Fintech / Regtech

APAC Central Banks Explore Common Protocol for Regulatory Policy

By Manesh Samtani | 05/10/2023

Project Mandala will be run by BIS Innovation Hub Singapore Centre, along with the RBA, BOK, BNM and MAS, with collaboration from FIs.

Australia’s AML/CTF Overhaul: What it Means for Real Estate Agents

By Jeremy Moller | 05/10/2023

Jeremy Moller outlines considerations for real estate agents, property managers and other organisations potentially subject to the proposed ‘Tranche 2’ reforms.

Enforcement

ASIC Sues Cigno, BSF Solutions Over Unlicensed Credit Offerings

By Sanday Chongo Kabange | 04/10/2023

Cigno Australia and BSF Solutions used a credit model that subjected some consumers to fees of more than 600% of their total loan amount.

ESG / Sustainability

NZ FMA Issues Record Keeping Guidance for Climate Disclosures Regime

By Sanday Chongo Kabange | 04/10/2023

The guidance sets out principles for firms to ensure their records evidence that climate statements comply with the CRD requirements.

Capital / Liquidity

RBNZ Finalises Decision to Implement Dual Reporting for IRB Banks

By Sanday Chongo Kabange | 04/10/2023

Dual reporting is intended to show how the use of internal models affects a bank’s RWA outcomes compared to using the standardised approach.

Market Infrastructure

APRA, ASIC Publish New Guidance for Financial Accountability Regime

By Sanday Chongo Kabange | 03/10/2023

The new information package includes guidance for banks on transitioning to the FAR, including a template for producing accountability statements.

Market Infrastructure

RBA Publishes Conclusions on Measures to Enhance Debit Card Market

By Editors | 02/10/2023

The RBA will not prohibit banks from setting a default routing network on dual-network cards, but said it expects faster progress on enabling least-cost routing.