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Small and Medium Enterprise Recovery Loan (SMERL) Scheme reporting requirements
27 May 2021 Private
The ABA understands the importance of collecting data to monitor the progress and effectiveness of the SMERL scheme. To aide the frequency and quality of the data which is reported on SMERL, the ABA suggests: • The values in the field ‘loan purpose’ align with the values in other EFS reporting fields • Proposed ARFs 920.7 & 920.8 be combined into a single form • Submission of the combined form occur on a monthly basis • Submission of reporting forms covering closed schemes should be extended to quarterly • The proposed reporting form/s accept information on a ‘best endeavours’ basis; and • Provide additional guidance.
Download PDFOpt-Out Joint Account Data Sharing Model
26 May 2021
Whilst the ABA supports the principle of a simple CDR, we question the ability to develop a ‘one-size-fits-all-sectors’ approach to joint accounts. The ABA supports retaining the current opt-in approach. The proposed opt-out approach is not supported on the basis that it undermines the foundational principle of the CDR, which is informed consent. We are of the view that it is not feasible to nominate an industry preferred option at this point.
Download PDFInquiry into mobile payment and digital wallet financial services
25 May 2021
While existing inquiries or reform initiatives touch on these policy issues, the issues are not confined to any single legislative framework or the responsibility of any single agency. They need a holistic assessment of potential policy solutions and their impact on consumers and the economy as a whole. A siloed approach may fail to consider the impact of specific recommendations or reforms on the Government’s policy to foster Australia’s digital economy and retain digital talent. As such, the ABA recommends robust coordination on policy and implementation that sees the oversight of mobile payment and digital wallet as a key plank of Australia’s digital economy.
Download PDFDraft Chapter 79 (ACIP)
10 May 2021 Private
The ABA is generally supportive of the proposal for the special circumstances for the opening of an account to be in a new Chapter of the AML/CTF Rules. However, the proposed Chapter 46 amendments circulated for comment in August* 2020 also included amendments to simplify the circumstances around the provision of Item 33 services. These were sensible amendments, and the ABA would recommend that AUSTRAC include the amendments to Chapter 46, relating to Item 33, as drafted.
Download PDFJoint Trade and Investment Growth Committee
30 April 2021 Private
Inquiry into the prudential regulation of investment in Australia’s export industries.
Download PDFAPRA’s approach to new entrant ADIs
30 April 2021
The ABA welcomes an updated approach to new entrant ADIs focusing on sustainability. Providing pathways for restricted entry promotes competition through innovation amongst ADIs. The ABA agrees with APRA that an important balance needs to be made between supporting entities to both enter and thrive in the banking sector, while ensuring financial stability and protecting the interests of depositors.
Download PDFInteractive Gambling Amendment (Prohibition on Credit Card Use) Bill 2020
29 April 2021 Private
The Competition and Consumer Act 2010, prohibits businesses and their industry association from reaching agreements or understandings about matters on which they compete, such as in relation to prices for products or services, the design features of those products and services, the ability to offer a product or service, or arrangements for certain customers. Therefore, member banks will individually consider the results of the consultation in the operation of their own credit card products.
Download PDFASIC self-assessment 2019-20
23 April 2021 Private
Overall, we think there is much to be commended in ASIC’s performance over the relevant period, especially in its agile response to the challenges presented by the COVID-19 pandemic.
Download PDFBreach Reporting Regulations
14 April 2021 Private
While we generally support the reforms, we note that a key objective of an effective breach reporting regime should be to ensure that ASIC is advised of material breaches of important provisions of financial services and credit legislation, and that its intelligence is not diluted by breach reports that lack significance.
Download PDFAPRA: A more flexible and resilient capital framework for ADIs
1 April 2021
The ABA recommends that the final policy settings accurately reflect the proven resilience of banks and the needs of the Australian economy. The ABA also expects further calibration to be undertaken to ensure there is no increase to the overall level of capital in the banking system, considers that the proposed application of a non-standard treatment to interest-only mortgages with terms greater than five years is unduly punitive, considers that the proposed capital allocation to New Zealand exposures at Level 2 is set at a conservative level that is not commensurate with the level of risk ABA members also feel consideration should be given to increasing the default level of the proposed CCyB, it considers that the required IT updates makes the 1 January 2023 commencement date challenging, encourages APRA to promptly update its 2015 International capital comparison study and some of APRA’s current proposals may amplify volatility without necessarily improving the measurement of risk.
Download PDFCorporate Emissions Reduction Transparency Report (CERT)
1 April 2021 Private
Alignment with global reporting standards is desirable. Clarity on aligning CERT with GreenPower. Clarity required on statement of alignment of CERT with the Climate Active. Clarity suggested within standard as it relates to the treatment of Power Purchase Agreements.
Download PDFAFCA Review
26 March 2021 Private
The ABA considers that the operation and structure of AFCA could be improved in the following four areas: governance, timeliness, advocacy, and procedural fairness.
Download PDFDigital Transformation Agency (DTA) Digital Identity Legislation
17 March 2021 Private
The ABA strongly reiterates our view that DTA should carefully consider what is necessary to be placed into digital identity legislation relating to privacy and protections. This point can affect user experience and potentially the adaptability of the regime, as much as implementation costs for participants. Cyber security is a critical component of privacy protections. Choice for users and inclusive web design are also welcomed. However, digital identity cannot be considered in isolation, a successful digital identity system will be used as an option to access other services and by broad sectors of the economy. Duplicative or conflicting requirements will add complexity for participants in the digital identity system without necessarily adding meaningful protection for consume
Download PDFResponse to CDR Rules 1.0 and 2.0
15 March 2021 Private
There are multiple and varied sources of information beyond the Rules and Standards which relate to the requirements of the CDR. This makes it challenging to develop a clear and comprehensive knowledge of what is to be built. Additionally, many of the advices are updated or enhanced ‘along the journey’ and there is no clear tracking system for how to ensure that one has the latest guidance in full. The ABA requests the implementation of a ‘single source of truth’ for CDR Requirements. It is the view of the ABA that the Standards development methodology across the DSB, Registry and CX standards appears unaligned to the implementation schedules for the CDR. The ABA reiterates the importance of all requirements being finalised before build can commence.
Download PDFDraft Amendments AUSTRAC to AML/CTF Rules (Ch 3,6,7&10)
11 March 2021 Private
The ABA strongly supports the objects of the AML/CTF regime. It also strongly supports that the obligations be simplified, streamlined, and clarified, and the regulatory burden reduced where possible. The ABA supports a risk-based approach, consistent with Financial Action Task Force (FATF) recommendations, to enable banks to efficiently use and allocate resources proportionate to the level of assessed risk. The ABA’s key issues are: • Timing and implementation • Clarification of terms • Size of the regulatory burden on correspondent banking, and • The prompt finalisation of previous draft rules consultation.
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