AUSTRALIA

Fintech / Regtech

Australia is Inching Closer to a Regulatory Framework for AI

By Natasha Teja | 14/06/2024

A year-end consultation is expected, as businesses warn that the current lack of regulatory clarity inhibits innovation.

Market Infrastructure

NZ Minister Orders Inquiry into Banking Competition

By Sanday Chongo Kabange | 14/06/2024

The Select Committee inquiry will examine banking competition, focusing on business and rural banking and lending.

AML / KYC

Westpac Enhances Security Features to Protect Against Scams

By Sanday Chongo Kabange | 13/06/2024

Westpac’s Ben Young said the new security features will help individuals and small businesses identify potential scams before they have made a payment,

Market Infrastructure

APRA Finalises Operational Risk Management Guidance

By Sanday Chongo Kabange | 13/06/2024

The guidance is designed to help FIs implement the new cross-industry standard on operational risk management.

Enforcement

ASIC Issues First Stop Order Targeting Crowdfunding Campaign

By Sanday Chongo Kabange | 13/06/2024

ASIC issued an interim stop order against a crowd-sourced funding campaign because of its use of a nominee arrangement.

Crypto / Digital Assets

Australia Bans Use of Crypto, Credit for Online Gambling

By Editors | 12/06/2024

Cryptocurrencies, credit cards, and other new forms of credit cannot be used as payment methods for online gambling.

Securities / Derivatives

New Zealand FMA Proposes New Rules for Derivatives Issuers

By Sanday Chongo Kabange | 12/06/2024

The FMA proposes to limit the amount of leverage that derivative issuers can offer, and to require them to conduct suitability checks.

Australia Consults on Draft Regulations for Financial Advice Reforms

By Sanday Chongo Kabange | 12/06/2024

The consultation proposes regulations to support the delivery of the first tranche of reforms to increase access to affordable financial advice.

AML / KYC

GCFFC APAC Chapter Publishes First Financial Scams Report

By Manesh Samtani | 10/06/2024

The GCFFC calls for the establishment of an international task force or body with a clear anti-fraud and scams mandate.