Banking

Consumer Data Right – The Rules Framework is out

Written by Amy Ciolek and Kiara Salvia On 12 September 2018, the Australian Competition and Consumer Commission (ACCC) released for public consultation the Consumer Data Right (CDR) Rules Framework (Rules Framework) following the release of the exposure draft Treasury Laws … Continue reading

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Filed under Banking, Privacy & Open Banking

Consumers to Receive Data Rights

Written by Lisa Whiting  Consumers are set to receive certain rights in relation to personal data held about them. These rights are provided for under exposure draft legislation released by Treasury. Submissions on the draft are due by 7 September … Continue reading

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Filed under Banking, Open banking

The new (digital) banks on the block

Written by Nicola Greenberg Australians are familiar with the concept of “non-banks”, and have even seen an example of a “beta bank” (U-Bank).  Other forms of “challenger” banks, such as neobanks and new banks have been absent from the Australian … Continue reading

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Filed under Australia, Banking

The evolving role of the financial services regulator

Written by Amy Ciolek and Nicola Greenberg As community expectations and the nature of crime changes, so too does the role of the regulator. The ABC news reports today that “for the first time, the Australian Securities and Investments Commission … Continue reading

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Filed under Banking, Regulation & Remediation

Mixers, cold storage and onions…cocktail party or digital money laundering?

By Amy Ciolek and Julia Massarin With terminology such as mixers, cold storage, tumblers and Onions (Onion Routers) (TOR), one may be excused for overlooking the significance of money laundering the digital age. FATF Report to G20 Finance Ministers and … Continue reading

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Filed under AML/CTF & Sanctions, Banking, Digital Currency, Financial Services Regulation, ICO, Uncategorized

Contrasting Regulatory Approaches to FinTech

The RBA has recently set out its views that “Most of the regulation set for financial institutions is aimed at the stability of financial institutions….If some of these companies get big enough there will be systemic issues.” This is moderately inconsistent with APRA’s latest move, expanding its policy to restricted ADI licences to foster innovation and competition in the banking industry.  Australia needs clear guidance and regulatory support to avoid pushing away financial services innovation. Continue reading

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Filed under ASIC Guidance, Australia, Banking, Digital Currency, Financial Services Regulation, Fintech, ICO

Welcome to the HSF Regulatory, Governance, Remediation and Culture Portal

Our Regulatory, Governance, Remediation and Culture team (RGRC) will bring you thoughtful insights, RGRC updates and industry highlights.  We would love for you to interact with us, so feel free to leave a comment, or reach out to us directly. We … Continue reading

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Filed under AML/CTF & Sanctions, Australia, Banking, Credit, Culture & Governance, Financial Products & Advice, Fintech, Life Insurance, Privacy & Open Banking, Regulation & Remediation, Superannuation, Uncategorized