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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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