Australia

Capital / Liquidity

Australia Proposes Bank Capital Framework Revisions

By Samuel Riding | 14/02/2018

APRA does not expect new rules to extend banks’ capital requirements beyond ‘unquestionably strong’ level set out last July.

Fintech / Regtech

Australia Launches Real Time Payments Platform

By Manesh Samtani | 14/02/2018

New Payments Platform enables instant transfers between accounts at different financial institutions, at “any time of day, any day of the year.”

AML / KYC

Australia Details Regulatory Framework for Open Banking

By Manesh Samtani | 13/02/2018

The government has unveiled its final report on its review on open banking, detailing 50 recommendations on implementing the new data-sharing regime.

AML / KYC

IMF, ADB, Aus, NZ Seek Lower Cost Remittances for the Pacific

By Editors | 11/02/2018

Possible solutions include enhancing AML/CFT controls at banks, promoting best practices at money transfer operators, improving information sharing by supervisory authorities.

Australia to Crack Down on Tax Avoidance by Multinationals

By Editors | 10/02/2018

Consultations relate to implementation of multilateral which will modify existing bilateral tax treaties, closing loopholes used by multinationals to avoid taxation.

Crypto / Digital Assets

Australia Won’t Follow US, UK Credit Card Bans for Crypto

By Manesh Samtani | 09/02/2018

ANZ, Westpac, NAB have no restrictions on buying cryptocurrency with credit cards, the banks confirmed.

Enforcement

Australia Moves to Cap Banker Pay

By Garima Chitkara | 08/02/2018

New law intended to restore trust in scandal-hit sector; executives to be held directly accountable and can be potentially banned from the industry on non-compliance.

Enforcement

ANZ, Westpac Banks Refund Credit Card Customers

By Editors | 08/02/2018

ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.

Enforcement

CBA Becomes 7th Bank Involved in BBSW Manipulation Allegations

By Samuel Riding | 31/01/2018

Securities regulator says bank was involved in unconscionable conduct in dealing with the benchmark rate during 2012.