Australia

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    ASIC Calls on Lenders to Support Customers Experiencing Hardship

    By Sanday Chongo Kabange | 30/08/2023

    Financial hardship will be a key area of focus over the next year. ASIC will conduct a review of large home lenders to understand their approaches in this area.

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    Market Infrastructure

    APRA to Develop Cross-Industry Stress-Testing Framework

    By Sanday Chongo Kabange | 30/08/2023

    APRA will explore how shocks may be mitigated or propagated by interactions between banking, insurance, and superannuation.

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    AML / KYC

    Australia Abruptly Halts Business Registers Upgrade Project

    By Sanday Chongo Kabange | 29/08/2023

    Australia is stopping work on its business registers modernisation programme due to its excessive cost and expected time-to-completion.

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    Enforcement

    ASIC’s New 4-Year Plan Highlights Heavy Enforcement Focus

    By Editors | 29/08/2023

    ASIC will target scams, digitally-enabled misconduct, predatory lending, and greenwashing, while also “closely monitoring” the use of AI.

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    ANZ, Suncorp Challenge ACCC’s Decision to Block Merger Deal

    By Mark Johnston | 28/08/2023

    ANZ and Suncorp filed separate applications to the Australian Competition Tribunal seeking a review of the ACCC’s decision.

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    Sanctions

    New Zealand Joins US, UK in Sanctions over Treatment of Ukrainian Children

    By Editors | 27/08/2023

    The New Zealand and US sanctions coincided with Ukrainian Independence Day on 24 August.

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    Fintech / Regtech

    APRA to Punish Failures to Meet Operational Resilience Expectations

    By Mark Johnston | 26/08/2023

    APRA’s Therese McCarthy Hockey said additional capital requirements will be imposed on entities found to be “significantly wanting” in compliance.

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    Capital / Liquidity

    RBNZ Finalises ‘Connected Exposures’ Policy, Effective in October

    By Sanday Chongo Kabange | 25/08/2023

    RBNZ’s Kate Le Quesne said the new connected exposures policy aligns with the capital adequacy framework and supports financial stability.

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    Market Infrastructure

    Australian Government Launches Competition Policy Review

    By Mark Johnston | 25/08/2023

    Among other things, the review will consider a tightening of the existing merger clearance regime, as proposed by the ACCC.

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    ESG / Sustainability

    IGCC Devises Climate Resilience Strategy

    By ESG Investor | 25/08/2023

    Adaptation themes will be incorporated into IGCC’s workstreams to drive investment in climate resilience across Australia and New Zealand.

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