NEWSLETTER: Banking Sector – Issue 96

1 December 2021

Publications

Welcome to the latest edition of our Banking Sector Newsletter.

In this edition, AUSTRAC has released a new financial crime guide to help businesses understand, identify and report abuse through financial payment text fields. AUSTRAC’s Fintel Alliance has seen an increase in the use of these fields to stalk, harass or threaten victims, in an attempt to avoid law enforcement scrutiny.

Meanwhile, information technology industry publication iTnews reports that nearly a third of Australian mid-tier credit unions, building societies and other institutions do not comply with open banking, while others that are compliant on paper have systems that do not work in practice. It says resource capacity and technical issues were challenging the implementation of Australia’s open banking regime.

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