30 June 2021
The ABA welcomes the G20 support for FATF action on the regulation and oversight of virtual assets and virtual asset service providers. The ABA supports Australia’s adoption of FATF Standards to support responsible innovation across the financial services sector by regulating and supervising virtual asset activities and related service providers in order to mitigate the associated money laundering and terrorist financing risks.
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The ABA strongly supports extension of the exemption for a period of a further two years to 3 October 2026 and requests the Treasury explore making the exemption permanent to ensure certainty and reduce regulatory restrictions and barriers for small businesses seeking access to credit.
Banks play an active role to support customers during natural disasters. ABA’s submission is made in two parts, first, outlining banks’ active support of customers during natural disasters and second, responding to the questions in respect to impacts of insurance unaffordability put to the ABA.
Banks continue to strongly support measures to allow companies and registered schemes to fulfil their legal obligations to hold meetings and execute documents using electronic means under the Corporations Act 2001 (Cth). The ABA makes four key recommendations, including providing optionality for companies to host AGMs in either hybrid or wholly online formats; amendments to… Read more »