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Regulation
AUSTRAC expects payments industry to know and report illegal tobacco sellers
AUSTRAC has warned elements of the payments industry currently supplying payments terminals and ATMs to illegal tobacco shops that it expects them to follow the law, know their customers and report illegal transactions.
Australia regulates Crypto to unleash opportunities, while Washington moves to make the US the “Bitcoin superpower”
Just after US President Donald Trump highlighted his very public support for cryptocurrency, the Australian Government has moved to regulate and “provide clarity and certainty to the digital assets sector”.
Inquiry to adjudicate industry split over property settlement monopoly
The members of a Senate Committee Inquiry face the daunting task of shaping the future of a cornerstone of the Australian economy – buying property - against a backdrop of industry discontent, outages and big business profits.
Rivals concerned as PEXA leverages monopoly to build lucrative data business
Electronic conveyancing monopoly PEXA (Property Services Australia Pty Ltd) is using the 54% margins on its platform revenue to buy up stakes in at least seven companies to build a valuable property sector data and valuations business, known as Digital Solutions, which its competitor claims could soon be worth up to $1 billion.
Regional branch moratorium and Bank@Post deal meet a sceptical response
Announcements by the big banks and Federal Government last week for a moratorium on big bank closures in regional Australia and a boosting Bank@Post services have been met with scepticism by unions, regional banks and other critics.
Interchange regulation alone won’t be enough to tackle card fees
Interchange fees have long been the focal point for regulators seeking to control merchant payment costs. However, mounting evidence suggests that regulating these fees alone has been insufficient to curb overall payment expenses that are now estimated at $6.4 billion each year in Australia.
Fees charged by card schemes under increased regulatory scrutiny around the world
The giants of the payment card industry, Visa and Mastercard are under an intensifying spotlight in a range of jurisdictions, including the UK, EU and Australia, with a key focus on the opaque scheme fees these companies dictate to banks and merchants. At least 80% of these fees are borne by merchants.