Why governance is the make-or-break factor for digital banks in Australia

Australia’s digital banking market is mature, highly regulated and difficult to scale. In this environment, governance is not a later-stage consideration but a core condition of sustainable growth. As APRA, ASIC and AUSTRAC continue to raise expectations around accountability, risk and control, institutions need frameworks that are designed to support scale from the outset.  A digitally mature […]

AML Tranche 2 Reforms in Australia: what professional services firms need to do now

Australia’s AML Tranche 2 reforms bring lawyers, accountants, real estate and other professional services firms into scope for AML/CTF regulation. The priority now is to identify designated services, embed risk-based controls, and show clear governance. Readiness depends on whether your approach works in practice and stands up to regulatory scrutiny.  Australia’s AML Tranche 2 reforms are often framed as […]

Navigating the FCA’s Pause on Motor Finance Complaints With the Right Talent

In a recent announcement, the Financial Conduct Authority (FCA) introduced a pivotal pause in the 8-week deadline for motor finance firms to address complaints involving discretionary commission. This strategic move is designed to afford firms the necessary time to comprehensively review and respond to complaints in a consistent and efficient manner. At the heart of […]

Navigating Collections Challenges: Momenta Group’s Expertise in Collections Solutions

In a fast-paced and unpredictable economic landscape, we have seen unprecedented challenges for both businesses and their customers. In the wake of the Covid 19 pandemic, various geopolitical emergencies and a subsequent cost of living crisis, it has never been more important for lenders to ensure they have the right strategy in place to support […]

Understanding Your Compliance Priorities in 2024: How Momenta People Solutions Can Strengthen Your Financial Crime and Compliance Teams

In the ever-evolving landscape of financial regulations, staying ahead of the curve is not just a goal; it’s a necessity. The recent announcement from AUSTRAC outlining regulatory priorities for the year ahead underscores the heightened focus on bolstering the financial system’s resilience against money laundering, terrorism financing, and other serious crimes. As organization’s brace for […]

Navigating AML Tranche 2 Reforms

The Australian Government is reforming Australia’s anti money laundering and counter-terrorism financing (AML/CTF) regime. These regulations propose to extend the existing AML/CTF legislation to certain high-risk services, known as tranche 2 services. The reforms aim to simplify and modernize the regime, reduce complexity, and harden Australian businesses against exploitation by serious organized criminals. Expert insights […]

Insight on the Proposed Extension of the Complaint Handling Pause for Motor Finance DCAs

The FCA is proposing to extend the current pause on the 8-week deadline for firms to respond to consumer complaints about motor finance involving discretionary commission arrangements (DCAs) until at least December 4, 2025. This decision follows an ongoing review of the historical use of DCAs in the motor finance sector and recent legal developments. […]

Insight on Extending Rules for DCA Complaints in the Motor Finance Industry

The Financial Conduct Authority (FCA) is consulting on extending the temporary complaint handling rules for discretionary commission arrangement (DCA) complaints within the motor finance industry. This extension is necessary due to delays in collecting and reviewing data and the ongoing litigation that affects the sector. The FCA had initially planned to set out the next […]

Motor Finance: Your Key Steps to Operational Readiness

The motor finance sector has been in the regulatory spotlight recently, specifically concerning the potential requirement for remediation and redress of Discretionary Commission Arrangements (DCAs) and the emerging challenge of increased complaints relating to Affordability and Irresponsible lending. Momenta’s experts explore the main challenges and advise on the next steps for firms to improve their […]