Policy Update - February #2

FinTech Australia presents on Open Banking at FinTech Hui in Auckland

On 27 February 2024, our Head of Policy, Nick Kavass addressed the FinTech Hui Taumata conference in Auckland to announce that our Open Banking Ecosystem Map & Report initiative will be expanding to include New Zealand. This will be delivered in partnership with Mastercard, FinTech NZ and Payments NZ.

Nick also provided the audience with an update on Open Banking in Australia and a preview of some insights from the next iteration of the Map & Report which will be published later next month.

AUSTRAC 2023 Compliance Reports due next month

AUSTRAC Compliance Reports are due by 31 of March 2024 for members who provide a 'designated service'. 

If you are required to and do not submit your compliance report by 31 March, AUSTRAC may take enforcement action. You can complete your compliance report through the AUSTRAC Online portal.

AUSTRAC consults on draft outsourcing guidance

AUSTRAC has released a new consultation on its draft guidance about outsourcing (i.e. engaging an external provider to help you meet your AML/CTF obligations).

FinTech Australia does not plan to make a submission to this consultation but please reach out if AUSTRAC's proposals raise specific concerns.

Insights on the Federal Court's first crypto enforcement judgment

Earlier this month, the Federal Court handed down its judgment in relation to Block Earner's crypto-backed products which were subject to ASIC litigation.

Our Policy Partner, King & Wood Mallesons has published an article outlining the key lessons from the Court's decision: Check it out here.