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Digital Identity Legislation: consultation paper

18 December 2020

Banks are actively exploring digital identity initiatives and see the benefit of collaboration between government and industry. The interests of the Australian economy will be better served if there is flexibility to innovate and respond to the needs of consumers and businesses, instead of establishing a single government digital identity scheme. Government can also achieve genuine collaboration with industry without legislation.

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Response to Senate Select Committee on Fintech and RegTech

17 December 2020

The ABA urges the development of an overarching strategy for data and information privacy to underpin the transition to a digital economy and provide a consistent framework for future reforms. Co-ordination will be critical to achieve the intended outcomes. The data economy has the real and exciting potential to generate jobs and opportunities for servicing the needs of all Australians. Technology and digital capability are the mechanisms by which banking will continue to develop.

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Privacy Act 1988 (Cth) Review

4 December 2020

The ABA supports a review of the Privacy Act and the stated goals to ensure privacy settings empower consumers, protect consumer data, and best serve the Australian economy. Achieving the balance between Personal Information (PI) protection, innovation and economic growth will require considerable time and effort from the AGD to get these reforms right. The ABA urges the government to first design an overarching blueprint and roadmap for data and information privacy. The ABA highlights at multiple points that the OAIC could provide further and specific guidance rather than embedding the detail in the Privacy Act.

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Consultation on confidentiality of key ADI metrics

20 November 2020

An approach which supports APRA’s first proposal while overcoming the governance, timing and definitional issues outlined in this letter, is for APRA to publish only Level 2 capital, liquidity and asset quality items aligned with Pillar 3 after all entities have first disclosed the information to market. The ABA supports APRA publishing data on a quarterly basis which is already reported under Pillar 3 requirements. The ABA recommends APRA publish data only after ADIs have already disclosed it. The ABA recommends that before making any data non-confidential or public, APRA conduct their own audit of data definitions to identify and rectify any gaps in the taxonomy. The ABA recommends APRA only make non-confidential and publish Level 2 data. The ABA recommends APRA provide written reassurance that the specific items in the forms which are non-confidential but not proposed to be published, will not be published without further consultation.

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Consultation on the Data Availability and Transparency (DAT) Bill 2020

6 November 2020

The ABA supports the broad policy that public sector data should be able to be shared with appropriate safeguards if doing so is in the public interest, under the proposed regime (DAT regime). However, the ABA considers the Bill as drafted would significantly undermine Commonwealth regimes that have enabled effective business regulation in banking and other critical economic sectors. As such, the ABA strongly urges the Government to provide an exclusion for data that is covered by existing confidentiality provisions in regulatory regimes, such as section 56 of the APRA Act 1998, and consider alternative means of achieving this policy objective in relation to this class of data.

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OAIC Public Interest Determinations on International Money Transfers

24 January 2020

The applications seek new PIDs to permit ANZ - along with other authorised-deposit taking institutionswithin the meaning of the Banking Act 1959 (ADIs); and the RBA to disclose the personal information ofa beneficiary of an IMT to an overseas financial institution when processing an IMT, without breachingthe Australian Privacy Principles (APPs). The ABA strongly supports these two applications and urges the OAIC to issue new PIDs which would replace existing PIDs concerning IMTs that are due to sunset on 25 February 2020

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Draft Consumer Data Right Privacy Safeguard Guidelines Consultation

27 November 2019

The ABA recommends that the PS GL undergo a second consultation twelve months after the launch of the CDR regime., and the ABA recommends that the OAIC institutes a process for annual review.

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