Australia

Enforcement

APRA Fines OnePath Custodians for Breaching Superannuation Law

By Sanday Chongo Kabange | 19/06/2023

OnePath Custodians failed to direct 125 default member contributions to a MySuper product as required by the law.

Australia Calls for Improved Transparency on Remittance Costs

By Mark Johnston | 18/06/2023

A coalition of companies has called on the government to require banks to disclose all the costs of international money transfers upfront.

Market Infrastructure

FRAA Proposes Draft Metrics Framework for Assessing APRA, ASIC

By Editors | 18/06/2023

The framework will enhance the Financial Regulator Assessment Authority’s assessment toolkit and provide direct insights on APRA and ASIC’s activities.

Fintech / Regtech

New Zealand Updates Expectations on Use of Generative AI

By Editors | 18/06/2023

New Zealand Privacy Commissioner Michael Webster said AI users and developers need to make sure they are compliant with privacy law.

AML / KYC

Australia Assessing Adequacy of Crisis Management Settings

By Ranamita Chakraborty | 16/06/2023

Regulators are assessing Australia’s crisis management settings to ensure they remain robust in light of international developments.

ESG / Sustainability

IGCC Welcomes Australia-New Zealand Climate Finance Pact

By ESG Investor | 16/06/2023

The two nations have agreed to hold an annual Climate and Finance Dialogue to align sustainable finance frameworks and accelerate policy implementation.

ESG / Sustainability

ASIC Urges Corporates to Start Preparing to Adopt ISSB Standards

By Ranamita Chakraborty | 15/06/2023

ASIC chair Joe Longo said the Treasury will publish plans for adopting the ISSB standards in Australia in the next two weeks.

Market Infrastructure

Australia to Reduce Red Tape Imposed on Financial Advisers

By Sanday Chongo Kabange | 14/06/2023

Assistant treasurer Stephen Jones said the reforms will be progressed in three streams, including allowing super funds to provide advice.

Market Infrastructure

ASIC Invites Regulated Entities to Assess Cyber Resilience

By Editors | 13/06/2023

ASIC’s cyber pulse survey will measure entities’ current cyber security and controls, governance arrangements, and incident preparedness.