Australia

Fintech / Regtech

New Zealand FIs Taking ‘Cautious Approach’ to AI Adoption – FMA

By Sanday Chongo Kabange | 10/09/2024

The FMA conducted research to better understand how regulated entities are exploring the adoption of AI, to help shape an appropriate regulatory framework.

ASIC Updates Misconduct Reporting Guidance for Administrators

By Thisanka Siripala | 10/09/2024

The guidance encourages administrators to use their professional judgment to make case-by-case assessments before reporting misconduct​.

Capital / Liquidity

APRA Proposes to Move Away from AT1 Capital Instruments

By Thisanka Siripala | 10/09/2024

APRA is proposing to phase out AT1 capital instruments in favour of more reliable forms of capital, such as Tier 2 and CET1 capital.

Enforcement

APRA Seeks Court Order to Disqualify First Super Co-chair

By Thisanka Siripala | 10/09/2024

APRA alleges Micheal O’Connor failed to meet the required standards of care and diligence required of a prudent superannuation entity director.

Enforcement

Australia’s New Anti-Foreign Bribery Law Comes into Force

By Sanday Chongo Kabange | 10/09/2024

Under the new law, companies will be held directly liable for failure to prevent foreign bribery by employees, external contractors, agents and subsidiaries.

Capital / Liquidity

RBNZ Sheds Light on Conceptual Framework for Promoting Resilience

By Editors | 10/09/2024

Deputy Governor Christian Hawkesby described the framework used to promote financial stability while simultaneously fostering innovation and competition.

Crypto / Digital Assets

Monochrome Moves to List Spot Ether ETF on Cboe Australia

By Thisanka Siripala | 07/09/2024

Monochrome expects the ETF to begin trading by the end of the month, making it the first in the country that holds ether directly.

AML / KYC

AUSTRAC Issues New Guidance on Outsourcing AML Functions

By Editors | 06/09/2024

Among other things, the guidance covers due diligence of service providers, outsourcing agreements, management and oversight, and performance monitoring.

Fintech / Regtech

Australian Government Begins Implementing New AI Policy

By Editors | 06/09/2024

DTA said it will publish a training module by early October, refresh its GenAI guidance, pilot an AI assurance framework, and develop technical standards.