Australia

Operational Risk

APRA Publishes ‘One-stop Shop’ Guidance for Directors of ADIs

By Editors | 30/11/2022

The guide brings together all of the standards and PPGs needed to help directors navigate requirements that are specific to them, APRA said.

Data Privacy

Australia Passes Bill Raising Penalties for Privacy Violations

By Manesh Samtani | 29/11/2022

The legislation also amends the extraterritorial jurisdiction of the Privacy Act to bring into scope foreign firms conducting business in Australia.

Cybersecurity

APRA to Intensify Industry Scrutiny Following Medibank Hack

By Sanday Chongo Kabange | 29/11/2022

APRA to intensify supervision of all entities not meeting CPS 234. Medibank executive pay could be impacted.

Structural Regulation

Australia Offers Three Options for Regulating BNPL Providers

By Sanday Chongo Kabange | 29/11/2022

The options seek to ensure BNPL is subject to appropriate regulation that balances consumer protection while still encouraging innovation.

Market Risk

APRA Proposes Additional Revisions to IRRBB Standard

By Editors | 29/11/2022

APRA says the revisions are intended to result in a more stable IRRBB capital charge. It intends to finalise the revisions in mid-2023.

Structural Regulation

ASIC Issues Updated Guidance on ETP Naming Conventions

By Editors | 25/11/2022

ETP naming conventions are divided into two levels: primary labels which indicate product type, and secondary labels which indicate specific risks or strategies.

Anti-Money Laundering

AUSTRAC Directs ING Australian Units to Uplift AML/CTF

By Editors | 24/11/2022

Two ING entities are required to improve their AML/CTF programmes, ML/TF risk assessment, IFTI and SMR reporting, and transaction monitoring.

Cryptocurrency

ASIC Commences Proceedings Over Unlicensed Crypto Products

By Editors | 24/11/2022

ASIC said some of Block Earner’s fixed yield earning products should have been licensed as managed investment schemes.

Conduct, Culture & Accountability

ASIC Releases API for Reportable Situations Submissions

By Manesh Samtani | 23/11/2022

The API provides a machine-to-machine interface solution to submit notifications about reportable situations, removing the need to manually input information into ASIC’s form.