16 Dec 2016

  • 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

Source: BBC

Summary: New regulations in E...

  • 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...

  • 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


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...

  • 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

  • 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

Point of View

The Privacy Amendment (Notifiable Data Breaches) B...

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