Australia

Fintech / Regtech

Australia Consults on CDR Expansion to Non-bank Lenders

By Editors | 30/08/2023

The Consumer Data Right regime will apply to the non-bank lending sector in stages, starting from 1 November 2024.

ASIC Calls on Lenders to Support Customers Experiencing Hardship

By Sanday Chongo Kabange | 30/08/2023

Financial hardship will be a key area of focus over the next year. ASIC will conduct a review of large home lenders to understand their approaches in this area.

Market Infrastructure

APRA to Develop Cross-Industry Stress-Testing Framework

By Sanday Chongo Kabange | 30/08/2023

APRA will explore how shocks may be mitigated or propagated by interactions between banking, insurance, and superannuation.

AML / KYC

Australia Abruptly Halts Business Registers Upgrade Project

By Sanday Chongo Kabange | 29/08/2023

Australia is stopping work on its business registers modernisation programme due to its excessive cost and expected time-to-completion.

Enforcement

ASIC’s New 4-Year Plan Highlights Heavy Enforcement Focus

By Editors | 29/08/2023

ASIC will target scams, digitally-enabled misconduct, predatory lending, and greenwashing, while also “closely monitoring” the use of AI.

ANZ, Suncorp Challenge ACCC’s Decision to Block Merger Deal

By Mark Johnston | 28/08/2023

ANZ and Suncorp filed separate applications to the Australian Competition Tribunal seeking a review of the ACCC’s decision.

Sanctions

New Zealand Joins US, UK in Sanctions over Treatment of Ukrainian Children

By Editors | 27/08/2023

The New Zealand and US sanctions coincided with Ukrainian Independence Day on 24 August.

Fintech / Regtech

APRA to Punish Failures to Meet Operational Resilience Expectations

By Mark Johnston | 26/08/2023

APRA’s Therese McCarthy Hockey said additional capital requirements will be imposed on entities found to be “significantly wanting” in compliance.

Capital / Liquidity

RBNZ Finalises ‘Connected Exposures’ Policy, Effective in October

By Sanday Chongo Kabange | 25/08/2023

RBNZ’s Kate Le Quesne said the new connected exposures policy aligns with the capital adequacy framework and supports financial stability.