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...
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...
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.
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...
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...
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...
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 ...
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...
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.
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...
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...
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 ...
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...
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. 
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...
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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