Australia Presses Ahead With Open Banking Legal Framework

Australia’s competition watchdog has mapped out secondary rules which will shape the country’s open banking regime, as authorities look to address complex issues around authentication and customer consent as early as possible.

The Australian Competition and Consumer Commission (ACCC) this week set out its “in principle approach” to rules implementing the Consumer Data Right (CDR) — legislation that will provide the foundation for third-party access to accounts in the country.

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