Description: The Australian Prudential Regulation Authority (APRA) is reviewing its data collection publication following recommendation 7 in theRegional Banking Taskforce Final Reportpublished last September:
Australian Prudential Regulation Authority (APRA) to commence 2022 a review of its Authorised Deposit-taking Institutions (ADI) Points of Presence collection to better capture indicators on how banking services are accessed, with public consultation in early 2023.
Australian Transaction Reports and Analysis Centre
Description: Apart from capturing Designated Non-Financial Businesses and Professions, financial crime compliance professionals might expect a simplified and modernised regime more in line with current international standards.
Description: This is a result of the decision made concerning MetLife v AFCA, where it was ruled that the Australian Financial Complaints Authority (AFCA) did not have jurisdiction to hear matters concerning section 1053(1), which explains when a superannuation complaint can be made under the AFCA scheme:
(1) A person may, subject to section 1056, make a complaint relating to superannuation under the AFCA scheme only if the complaint is a complaint:
(a) that the trustee of a regulated superannuation fund or of an approved deposit fund has made a decision (whether before or after the commencement of this section) relating to:
(i) a particular member or a particular former member of a regulated superannuation fund; or
(ii) a particular beneficiary or a particular former beneficiary of an approved deposit fund;
that is or was unfair or unreasonable; or
(b) that a decision, by a trustee maintaining a life policy that covers a member of a life policy fund, to admit the member to the fund was unfair or unreasonable; or
(c) that the conduct (including any act, omission or representation) of an insurer, or of a representative of an insurer, relating to the sale of an annuity policy was unfair.