16 Dec 2016
Hall & Willcox, Finextra
ASIC release a class waiver for eligible Fintechs to test services
No requirement to have Australian Financial Services or Credit Licences
Entitlement can be relied on for 12 months
Limited to 100 retail clients
Required to meet specific consumer protection and dispute resolution criteria
Additional regulatory sa...
12 Dec 2016
Details emerge of continued attacks on SWIFT transfers
Letter sent to participant banks in November 2016
Mandatory standards to be published in March 2017
Source: Banking Technology
Summary: Since the high-profile Bangladesh attack early in 2016, SWIFT transfers continue to be subject to fraud. SWIFT has stated that mandatory c...
26 Nov 2016
Visa takes a strong line against EU regulator’s strong customer authentication
Visa repeats arguments from 2015 position paper
Frictionless 3DS has the same fraud rate as 3DS with customer authentication
3DS fraud is less than 5bp in Europe
Overall CNP fraud is 14bp in Europe
Summary: New regulations in E...
22 Nov 2016
SC Media, CIO, Constellation Research, Sputnik News
Security professionals encourage Internet of Things (IoT) regulation
US regulators remain to be convinced
Parties in the debate accused of squabbling
Dutch MPs press the EU to regulate the 'Internet Of S**t'
Sources: SC Media; CIO; Constellation Research; Sputnik News
Summary: Recent denial of service attacks from IoT d...
20 Nov 2016
ZeeNews, Money Control, The Wire, GLaws
Indian Government demonetises Rs 500 and Rs 1,000 notes
State Bank of India waives merchant fees for Rupay debit cards
Latest initiative in long term campaign against black money
Accusations of theatrics in the approach
Gaming industry reported to be badly affected
Sources: ZeeNews; Money Control; The Wire; GLaws
2 Nov 2016
Reuters, Australian FinTech
ACCC to monitor big banks buying Fintechs and blocking collaboration
Includes blockchain monopolization
Banks accused of paying lip service to Fintech collaboration
Cautious response from start-ups
Sources: Reuters; The Coin Telegraph; Australian FinTech; Smart Company
Summary: The ACCC is to monitor the big banks to ensure innovation is not clo...
31 Oct 2016
Fintech Business, King & Wood Mallesons
KYC changes to boost fintech sector
Productivity Commission ushers in the new ‘data’ age
Draft report invites comments by 12th November 2016
Sources: Fintech Business; King & Wood Mallesons
Point of View
The wording in the amended regulations “Anti‑Money Laundering and Counter‑Terrorism Financing Rules Instrument 2007 (No. 1)” is...
28 Oct 2016
CSO, Norton Rose
Personal data of 550,000 Red Cross blood donors was breached
Database dump available in the clear for 2 months
Mandatory Data Breach Bill finally introduced into Parliament
Individuals could be fined $340,000, organisations up to $1.7m
Sources: CSO; Norton Rose
The Privacy Amendment (Notifiable Data Breaches) B...
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