Open banking - as 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 within the banking sector. This article sheds light on the implications of open banking regimes for competition and money laundering risks, and provides recommendations for enhancing financial integrity in the Australian financial sector.
|Number of pages||15|
|Journal||Journal of Banking and Finance Law and Practice|
|Publication status||Published - 2021|
- Open Banking
- Money laundering
- Competition law