Banking Sector Newsletter Issue 117
The Reserve Bank of Australia has released a comprehensive review of the operating environment supporting the Reserve Bank Information and Transfer System (RITS). The review was commissioned in January and was conducted by Deloitte. The RBA is committed to implementing the recommendations in the review in order to maintain the highest operational standards. The Australian Banking Association has welcomed key initiatives in the 2023-24 Federal Budget that invest in fighting scams and fraud, bolstering online safety and increased gambling protections. Key initiatives include an $86.5 million package to combat scams and online fraud, including $58 million to build the National Anti-Scam Centre plus establish ‘Fusion Cells’ to target specific scams. The newsletter also includes our usual round-up of practice notes, cases and legislation.