Open banking, which was pioneered in Europe with the European Union’s revised Payment Services Directive and the United Kingdom’s Open Banking Standard, is emerging around the world due to technological advancements and the increasing value of data. In Australia, open banking represents the culmination of previous government inquiries that highlighted the low levels of competition and innovation faced by the banking sector. The paper aims to shed light on the implications of open banking regimes for competition and money laundering risks, with a view to providing recommendations for enhancing financial integrity in the Australian financial sector.
|Journal||Journal of banking and finance law and practice|
|Publication status||Accepted/In press - 6 May 2021|
- Open Banking
- Money laundering
- Competition law