Australia

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    Enforcement

    ASIC Reviewing Product Governance of BNPL Providers

    By Sanday Chongo Kabange | 05/06/2023

    ASIC issued an interim stop order against a BNPL product but revoked the order a day later due to “immediate corrective action” by the provider.

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    Fintech / Regtech

    Updated ePayments Code Takes Effect in Australia

    By Sanday Chongo Kabange | 05/06/2023

    The updated ePayments Code strengthens protections for consumers and obliges banks to help customers recover money that has been transferred in error.

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    Enforcement

    ASIC Issues First Stop Order on Superannuation Product

    By Sanday Chongo Kabange | 04/06/2023

    The interim stop orders were made against Spaceship Super and three managed funds promoted by Spaceship Capital due to deficient TMDs.

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    Enforcement

    APRA Investigating Super Fund Payments to Unions

    By Editors | 04/06/2023

    APRA chairman John Lonsdale told lawmakers the regulator has an “appetite to take enforcement” where it is needed.

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    Fintech / Regtech

    ASIC to Leverage Regtech to Improve Listed Company Disclosures

    By Sanday Chongo Kabange | 02/06/2023

    ASIC and regtech firm Eastern Analytica will jointly develop a solution to help address poor market disclosures by listed firms.

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    AML / KYC

    NZ’s Ministry of Justice Releases Amended AML Regulations

    By Editors | 01/06/2023

    From 1 June 2024, new obligations will be imposed on reporting entities related to virtual asset transfers, deposits, withdrawals, and exchange.

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    Fintech / Regtech

    Australia Seeks Public Views on Policy Response to AI

    By Editors | 01/06/2023

    The consultation will “help ensure Australia continues to support responsible AI practices to increase community trust and confidence,” the government said.

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    ASIC Postpones Deadline for Financial Adviser Registration

    By Ranamita Chakraborty | 31/05/2023

    The new October deadline will allow parliament to consider improvements to the registration process already proposed in legislation, ASIC said.

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    AML / KYC

    Perth Mint Misses AUSTRAC Deadline, CEO Resigns

    By Editors | 31/05/2023

    The delay was attributed to the complexity of the audit and the challenges in gathering the required information.

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    Capital / Liquidity

    APRA, AUSTRAC Enter Enforceable Undertakings With BoQ

    By Editors | 31/05/2023

    For APRA’s enforceable undertaking, Bank of Queensland has to set aside an extra A$50mn in regulatory capital.

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