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Regulatory Trends in 2022

Top 5 Regulatory Trends for risk and compliance leaders

As we launch into 2022, it looks like the year ahead is already brimming with regulatory activity.

Check out our top picks for what might keep risk and compliance leaders busy in 2022.

Responsible Lending

Debate is still raging over the future of the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020 but we haven’t ruled out some related provisions being enacted in one guise or another – even if it means just part of the proposed reforms end up in another Bill.

Raising the Bar

In the current climate, there’s every reason to think that the Financial Accountability Regime Bill 2021 will pass and take effect some time next year, even though it’s been punted to a Senate Committee for the time being. Directors and senior executives of financial entities in the banking, insurance and superannuation sectors should stay tuned.

Helping hands

Insurance claims handling legislative reforms commence from 1 January 2022. And it wouldn’t be an Australian summer without the threat of natural disaster. So, ASIC is opportunely encouraging insurers to be consumer-centric in compliantly handling claims. Time for insurers to get a handle on their obligations, then.

Droppin’ dollas

Transformation of Australia’s Payments System is looming, with Treasury having released the federal government’s response to the Review of the Australian Payments System, the Senate Select Committee on Australia as a Technology and Financial Centre Final Report, and the Parliamentary Joint Committee Corporations and Financial Services Report on Mobile Payment and Digital Wallet Financial Services. While the focus has been on regulation of crypto and non-cash payment interchange fees, little of Australia’s payments system could be left untouched once this reform agenda is done.

Keeping anti-money laundering on track

AUSTRAC has been filling government coffers with record-setting penalties imposed on the likes of Tabcorp, CBA and Westpac in recent years. It’s now working to remediate the AML/CTF Programs of mutual banks and has the gambling and remittance service sectors in its sights. AML/CTF Rules underwent a refresh earlier this year, but with Crown and clubs having dominated media headlines and a Senate Committee currently looking at the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime, expect more enforcement activity and legislative amendments to come.


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