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 Amendment (Consumer Data Right) Bill 2018 (the Bill) which proposes amendments to the Competition and Consumer Act 2010 (Cth), the Australian Information Commissioner Act 2010 (Cth), and the Privacy Act 1988 (Cth). Continue reading

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 landscape until more recently. Continue reading

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 will have enhanced powers to place dedicated staff within the big four banks and wealth manager AMP to directly monitor governance and compliance and fight white-collar crime.” Continue reading

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 Central Bank Governors

In July 2018, the Financial Action Task Force (FATF) published its report to the G20 Ministers and Central Bank Governors on digital currency, which reports that:

  • the link between virtual currencies/crypto-assets and other predicate crimes appears to be growing;
  • countries have regulated crypto in various ways, from implementing a blanket ban against dealing, use, issue and settling, to regulating crypto exchanges; and
  • FATF will review its 2015 guidance about crypto currency, and will meet again in September 2018 to discuss crypto related money laundering in more detail.

Continue reading

Contrasting Regulatory Approaches to FinTech

Written by Amy Ciolek, Nicola Greenberg and Kishaya Delaney

Various crypto news sites are publishing that the UK’s Financial Conduct Authority (FCA) has accepted 11 blockchain-based financial service providers into its recent (4th) SandBox cohort.  This includes startups testing cryptoasset offerings.  The FCA has stated: “We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks”.  Continue reading

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