AUSTRALIA

    Enforcement

    New Zealand Exempts Personalised Robo-advice from Licensing Regime

    By Editors | 19/10/2017

    Providers still need to be pre-approved to offer financial advice; new rules formalising licensing of robo-advice per se expected in 2019.

    AML / KYC

    Australian Banks Want Fintechs to Pay for ‘Open Banking’

    By Samuel Riding | 11/10/2017

    Biggest lenders continue to frustrate efforts by authorities to increase competition and throw open door to banking disruptors.

    Fintech / Regtech

    Regulators Must Collectively Embrace 4th Industrial Revolution – ASIC

    By Editors | 25/09/2017

    Chairman Greg Medcraft expresses concern about regulatory fragmentation with increased use of technology, emergence of ICOs.

    Enforcement

    New Zealand Raises the Bar for Bank Outsourcing

    By Editors | 21/09/2017

    Largest banks will be required to have measures in place to survive the failure of a key service provider, according to new outsourcing policy.

    AML / KYC

    AUSTRAC to Lead Efforts to Combat IS Funding in Southeast Asia

    By Editors | 18/09/2017

    Australia hopes to cooperate with other jurisdictions in SE Asia amid concern IS will turn its attention to the region after Middle East setbacks.

    Capital / Liquidity

    APRA Delays Economic and Financial Statistics Reform

    By Douglas Cheung | 13/09/2017

    Banks should still devote time to correctly budget, resource and plan technology projects for EFS based on the new timelines.

    Enforcement

    ASIC Eyes Accountability for Algorithmic System Operators

    By Samuel Riding | 11/09/2017

    Regulator’s chairman says each algorithmic system must have designated individual responsible for design and outcomes, echoing new bank accountability regime.

    Singapore, Australia and ‘Fundamental Regulatory Overhaul’

    By Samuel Riding | 31/08/2017

    Requirements on balance sheet reporting a stiff challenge for banks despite regulators’ nods to technology’s potential, says Axiom SL.

    AML / KYC

    Australian Regulator Launches CBA Inquiry

    By Samuel Riding | 29/08/2017

    APRA inquiry to look at whether governance, culture and accountability frameworks conflict with ‘sound risk management and compliance outcomes’.

    AML / KYC

    Lawyers Seek to Sue Bank for Share Price Drop after AML Revelations

    By Editors | 24/08/2017

    Firms claim share price would not have suffered as precipitous a decline if claims of money laundering had been revealed earlier.

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