You can see the rules and regulations in other jurisdictions.
Fintech businesses need to be conscious that they are subject to the Australian Consumer Law, which is regulated by the ACCC. This involves prohibitions on misleading and deceptive conduct, false or misleading representations, unconscionable conduct and unfair contract terms. The Consumer Law does not cover financial products or services but ASIC ensures that these protections are carried out through mirrored provisions within the ASIC Act or through its delegated powers.1
Data access to third parties is not required in Australia, but lenders and credit reporting agencies must comply with obligations regarding the use, collection, and disclosure of credit information.1
13 Australian Privacy Principles govern the collection, use, disclosure, and destruction of personal information under the Privacy Act.1
A notifiable data breaches (NDB) scheme under the Privacy Act requires regulated entities to notify any affected individuals and the Office of the Australian Information Commissioner in the event of a data breach (i.e., unauthorised access to or disclosure of information) that may result in serious harm to individuals.1
Cross-border payments in Australia
