Australia

Cybersecurity

Australia Mounts ‘Supercharged’ Response to Optus Breach

By Sanday Chongo Kabange | 07/10/2022

“Operation Guardian” will protect those who had their data released online. Regulatory changes will enable better coordination to detect and mitigate cyber, fraud and scam risk.

Operational Risk

FMA Proposes Guidance on Keeping Proper Accounting Records

By Editors | 05/10/2022

The FMA offers guidance for reporting entities on their obligations under the FMC Act to keep proper accounting records.

Capital Adequacy

Further Progress Made to Adopt Basel III Standards: BCBS

By Editors | 05/10/2022

The latest update highlights progress to implement the Basel III standards from APAC jurisdictions including Australia, Indonesia, Japan and China.

Structural Regulation

Australia Releases Report Addressing Bank Branch Closures

By Editors | 05/10/2022

The report says banks need to improve communication and support provided to local communities when regional branches close or their hours are reduced.

Structural Regulation

Australia Consults on Possible Changes to ASIC Funding Model

By Editors | 04/10/2022

Discussion paper asks whether there are opportunities to simplify the design, structure, and legislative framework for ASIC’s industry funding model.

Payments & Settlements

Australian Regulators Propose Measures to Address De-Banking

By Editors | 04/10/2022

A CFR policy paper provides four recommendations to address de‑banking of fintechs, crypto exchanges and remittance firms.

Conduct, Culture & Accountability

Australian Court Dismisses ASIC Lawsuit Against CBA

By Editors | 03/10/2022

The Federal Court ruled that ASIC failed to establish that CBA received conflicted remuneration when distributing Colonial First State’s superannuation product.

Capital Adequacy

APRA Removes CBA’s Remaining A$500m Capital Add-on

By Editors | 03/10/2022

The A$1bn capital add-on imposed on CBA in May 2018 was halved in November 2020, and has now been completely removed.

PEPs & Sanctions

US, UK, Canada, Australia Announce More Russia Sanctions

By Manesh Samtani | 03/10/2022

The sanctions are a response to Putin’s attempt to annex four regions of Ukraine, after holding referendums that have been denounced as illegal and coercive.