Australia – Payments Regulatory Landscape

OVERVIEW OF PAYMENTS Licence Definitions/ Descriptions References The Australian Transaction Reports and Analysis Centre (AUSTRAC) registers remittance service providers as one or more of the following: Remittance network provider (RNP) Affiliate of a remittance network provider Independent remittance dealer. (AUSTRAC issues a separate registration for each type of remittanceservice provider.) Some remitters may need an Australian financial…


An Australian first, AFSL holder fined for not managing Cybersecurity risk

ASIC has sent a strong message, in a first, that AFSL holders will be held accountable for not managing cybersecurity risk as part of their overall obligation to efficiently and fairly. Financial services company RI Advice Group was ordered to pay $750,000 towards ASIC’s costs by the Federal Court (https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-104mr-court-finds-ri-advice-failed-to-adequately-manage-cybersecurity-risks/). The finding comes after a…


Systematic compliance failures are a financial risk – ASIC

ASIC has sent a message that non-financial compliance risk needs to be monitored just like financial risks. This can be seen in the media release here where ASIC bundles 6 civil penalty provisions against Westpac which alleged widespread compliance failures across multiple businesses, including Westpac’s banking, super, wealth management and insurance brands. See below for…