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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Incorporating responses to Data Standards Body consultation: Decision Proposals 182.
CDR Information Security Recommendations
Ensuring that the appropriate technical standards for information security are put in place to enable the CDR is vital. These technical standards need to accommodate both an extension in scope for open banking, as well as setting the template for expansion of the CDR to other sectors of the economy.
This paper makes the following recommendations:
1. Adopt FAPI 2.0 for future best practice
2. Ensure and Preserve Interoperability
Over the past four years the industry has worked to align remuneration frameworks with customer centric and risk culture, proactively as well as in response to independent and regulatory reviews.
The proposed solution put forward in DP-183 refers to a principle of ‘Purpose-based consent’. Purpose Based Consents are a way to encode all of the required dimensions and granularity for a specific use case. Unfortunately, this specificity leads to a consequent loss in flexibility. DP-183 highlights read-only use cases which are not currently covered; however, the same principles and requirements are even stronger to enable read-write access.
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