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Australian Competition and Consumer Commission (ACCC)
Australia: Government Seeks Feedback on Proposed Consumer Data Right Framework
20th Aug 2019 | Written by:
On August 15, 2018, the Treasury of the Australian government launched a public consultation on the draft Treasury Laws Amendment (Consumer Data Right) Act 2018, which aims to establish a new...
Aussie Banks Rapped Again Over Contactless Debit Routing
19th Aug 2019 | Written by:
Australia’s central bank has again told off banks and acquirers for failing to comprehensively roll out least-cost transaction routing for contactless debit transactions, as industry groups claim...
Australia Eyes Open Banking 'Testing Ground' As Data Sharing Becomes Law
2nd Aug 2019 | Written by:
Legislation to launch open banking in Australia has passed parliament after months of delays, but is likely to face imminent changes to allow consumers to “delete” data held by firms.
Australia Has Second Attempt At Open Banking Legislation
23rd Jul 2019 | Written by:
The Australian government has said it will re-introduce legislation this week to enable open banking to begin on schedule in February 2020, but its reception from opposition parties remains...
Buy Now, Pay Later Sector Warned On AML As Afterpay Probed
14th Jun 2019 | Written by:
Australia’s financial intelligence unit has ordered the doyen of the country’s payments industry to hire an external auditor to comb through its entire anti-money laundering (AML) compliance...
Australian Regulator Issues Fraud Warning Over 'Unusual Payment Methods'
29th Apr 2019 | Written by:
Australia’s top consumer protection regulator has issued a warning over the fraudulent use of prepaid gift cards, cryptocurrencies and money remittance firms, after losses soared to almost half a...
Australia: Competition and Consumer Commission Consults on Proposed Consumer Data Rules 2019
1st Apr 2019 | Written by:
On March 29, 2019, the Australian Competition and Consumer Commission (ACCC) released a consultation paper seeking feedback on its approach and positions of its draft Competition and Consumer ...
Aussie Banks, Fintechs Finally Lay Eyes On Open Banking Rules
1st Apr 2019 | Written by:
The Australian competition regulator has issued draft rules for financial data portability under the proposed Consumer Data Right — the foundational legislation for bringing open banking to the...
Open Banking In Australia Flies Into Political Headwinds
25th Mar 2019 | Written by:
The beginning of open banking in Australia could hit another snag after the opposition Labor Party flagged its intention to propose amendments to a bill establishing a Consumer Data Right.
We're Locked Out Of Instant Payments, Aussie Fintechs Complain
22nd Mar 2019 | Written by:
Fintechs in Australia hope the country’s central bank will make sweeping changes to a new instant payments system that they view as expensive and dominated by an “exclusive club” of incumbent...
Australia Consults On Locking Industry Standards Into Law
20th Mar 2019 | Written by:
Voluntary industry codes could gain greater legislative weight in Australia, as the government there is consulting on proposals to give regulators powers to prescribe those standards and enforce...
In Depth: Australia And New Zealand Pave Way For Global Open Banking Harmonisation
11th Mar 2019 | Written by:
Payments bodies in New Zealand and Australia are examining ways to adopt common standards in open banking regimes shaping both jurisdictions, as ambition for closer international cooperation ...
Watchdogs Savage Australian Open Banking Law As Fintechs Strain At The Leash
5th Mar 2019 | Written by:
Consumer and privacy watchdogs have heavily criticised the draft Australian law to facilitate the launch of open banking in the country, while fintechs eager to move onto legacy banks’ turf urge...
Open Banking Risks Played Down By Government, Australian Banks Claim
25th Jan 2019 | Written by:
Australia’s top representative body for banks has accused the Treasury of underestimating the fraud and cybersecurity risks of data sharing under the country’s proposed open banking regime.
Political Turmoil In Australia Forces Open Banking Delay
3rd Jan 2019 | Written by:
The beginning of Australia’s open banking regime has hit a snag after political turmoil and “complex issues” during consultations forced the competition watchdog to delay the introduction of a...
Australia: Reserve Bank Issues Bulletin on Payment Surcharges
14th Dec 2018 | Written by:
On December 14, 2018, the Reserve Bank of Australia (RBA) published a bulletin titled "Payment Surcharges: Economics, Regulation and Enforcement", which provides an overview of the surcharging...
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