Australia

Fintech / Regtech

AUSTRAC, Home Affairs Dept Highlight Benefits of Blockchain

By Editors | 18/02/2020

The Department of Home Affairs and AUSTRAC say blockchain has the potential to significantly reduce compliance costs and the regulatory burden imposed on reporting entities.

Enforcement

APRA, ASIC Welcome Reforms on Superannuation Regulation

By Editors | 17/02/2020

ASIC will be focused on conduct issues involving superannuation trustees, while APRA will be focused on prudential supervision of trustee activities.

Enforcement

ASIC Imposes Lifetime Ban on Macquarie Equities Adviser

By Editors | 17/02/2020

The adviser misrepresented the value of his client’s portfolio on 19 separate occasions, and engaged in trading without proper authority of the client.

Fintech / Regtech

Australia Blockchain Roadmap Receives Mixed Response

By Editors | 15/02/2020

FinTech Australia chair Alan Tsen says the roadmap is disappointing, lacks vision and focuses on use cases that “felt like they’ve been written by a consulting firm space”.

ASIC Asks Superannuation Trustees to Improve Member Communications

By Editors | 14/02/2020

ASIC’s review of communications material from 12 superannuation funds found that some trustees are not always sufficiently focused on their members’ needs.

Fintech / Regtech

ASX is Transforming Entire Technology Stack, says CEO

By Editors | 14/02/2020

Managing director and CEO Dominic Stevens said ASX’s strategy is not just about replacing CHESS or upgrading the futures trading system; the bourse is transforming its entire technology stack.

Fintech / Regtech

Bill Passes to Enhance ASIC’s Fintech Regulatory Sandbox

By Editors | 12/02/2020

Under the amendments, firms will be able to test a wider range of new financial and credit products and services without a licence from ASIC, for a longer time.

Enforcement

Advice Remediation at Six Biggest FIs Reaches A$750m: ASIC

By Editors | 12/02/2020

NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.

Enforcement

RBNZ Launches Streamlined External Whistleblowing Policy

By Editors | 11/02/2020

“Whistleblowing is a critical avenue for those wanting to shine a light on wrongdoing within regulated entities,” said RBNZ head of supervision Andy Wood.