Australia

Fintech / Regtech

Opposition to CBDC Based on Misconceptions, RBNZ Says

By Manesh Samtani | 11/05/2022

Respondents to the RBNZ’s consultation have expressed concerns that cash and privacy would be at risk of disappearing if a CBDC is issued.

Fintech / Regtech

ASIC to Issue Derivatives Reporting Consultation Soon

By Manesh Samtani | 11/05/2022

ASIC’s Alex Orgaz-Barnier says APAC regulators are targeting a common implementation date and alignment to the greatest extent possible.

Enforcement

Australian Court Penalises RI Advice Over Cybersecurity Failures

By Editors | 06/05/2022

The ruling is the first of its kind in Australia, and follows cyber incidents that occurred at authorised representatives of RI Advice between 2014 and 2020.

Market Infrastructure

RBA Calls on Major Banks to Enhance NPP Services

By Editors | 05/05/2022

The RBA is seeking assurances on the timely implementation of new NPP services, and asking banks to improve the reliability of the NPP services they already provide.

APRA Scraps Expectations on Negative Rate Preparedness

By Editors | 04/05/2022

Banks asked for an extension on a 31 July 2022 deadline, citing market conditions and resource pressures due to other priorities.

AML / KYC

NAB Enters Undertaking to Uplift AML/CTF Compliance

By Editors | 04/05/2022

NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.

Crypto / Digital Assets

ASX to Align Rulebooks for Investment Products

By Editors | 29/04/2022

Having three different rulebooks for investment products opens the door to inconsistent treatment, rule arbitrage, and confusion for issuers and investors.

RBNZ to Finalise DSR Framework By Late 2022

By Ranamita Chakraborty | 28/04/2022

The RBNZ will design a framework so that debt-to-income restrictions on mortgage lending are ready to be used by mid-2023, if needed.

AML / KYC

AUSTRAC Enhances MOU with Victoria Casino Regulator

By Editors | 27/04/2022

The Victorian Gambling and Casino Control Commission will be provided designated access to AUSTRAC’s financial intelligence database.