Australia

Cryptocurrency

RBNZ to Start Monitoring Local Use of Crypto, Stablecoins

By Manesh Samtani | 11/12/2022

The monitoring framework will help the RBNZ understand how the market for new forms of money is developing and the implications for the monetary system.

Capital Adequacy

RBNZ to Introduce New Capital Instrument for Mutual Banks

By Editors | 11/12/2022

The RBNZ will allow mutual banks to issue a so-called Mutual Equity Tier 1 (MET1) capital instrument, a new instrument that can qualify as CET1 capital.

Liquidity Risk

APRA Finalises Expectations on Holding Contingent Liquidity

By Manesh Samtani | 11/12/2022

MLH ADIs with more than A$1bn in liabilities are expected to reduce self-securitised assets held as contingent liquidity to at least 10% of total deposits and short-term wholesale liabilities.

KYC & CDD

AUSTRAC Issues Guidance to Help Customers Without Standard IDs

By Editors | 09/12/2022

The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.

Capital Adequacy

APRA Finalises New Standard on Public Disclosures by Banks

By Manesh Samtani | 09/12/2022

The standard, which will require disclosure of remuneration arrangements, will become effective from 1 January 2025, 12 months later than initially proposed.

Stablecoins

Australian Regulators Progressing Work on Stablecoins, CBDC

By Manesh Samtani | 09/12/2022

The CFR is trying to incorporate payment stablecoins into the proposed framework for SVFs. Meanwhile RBA assistant governor warns that CBDC could threaten financial stability.

Data Privacy

Australia to Expand CDR to Enable Action Initiation

By Editors | 08/12/2022

Under a new bill in Parliament, consumers will be able to instruct accredited third parties to initiate CDR‑powered actions on their behalf.

Anti-Money Laundering

AUSTRAC Launches Federal Court Proceedings Against SkyCity

By Sanday Chongo Kabange | 08/12/2022

The proceedings against SkyCity are the third AUSTRAC has brought against casino operators, after similar cases were launched against Star and Crown casino entities.

Anti-Money Laundering

International Operation Targeting Money Mules Yields 2,500 Arrests

By Editors | 07/12/2022

The operation involved law enforcement agencies in 25 countries including Singapore and Australia, supported by Europol, Eurojust, INTERPOL and the EBF.