APRA Grants License to IN1Bank, to Go Live with APRA Connect Testing
APRA revoked the license for Investec Bank plc, at Investec's request, and granted IN1Bank Ltd an extension of its license to operate for a limited time as a restricted authorized deposit-taking institution under the Banking Act 1959. At present, IN1Bank is the only restricted authorized deposit-taking institution in Australia. In another development, APRA is set to go-live with the test environment for the new data collection solution, APRA Connect, on June 17, 2021. The test environment will be available for users to become familiar with APRA Connect and for trial submission of data for industries with new collections before they need to submit in the APRA Connect production environment from September 13, 2021.
APRA also published Taxonomy artefacts and additional technical information for superannuation data transformation collections and HRS 605 on private health insurance reform data collection to help entities prepare data and trial submission on APRA Connect test environment. The artefacts include the data dictionary, validations, reporting taxonomy, and XSD (to validate files). Artefacts should be used in conjunction with the relevant reporting standard. Where there is a difference between the artefacts and the reporting standard, the reporting standard should be referenced for final versions of definitions and reporting instructions.
APRA Connect test environment will be a permanent feature. Returns will be available in the test environment before entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and APRA’s consultations with industry. The APRA Connect test environment will help entities, service providers, and regtech firms to:
- Familiarize themselves with the features and functionalities of APRA Connect
- Trial data submission to identify any changes required to data preparation
- Engage with APRA on new collection design
Related Links
- News Release on IN1Bank’s license
- News Release on Revoking Investec Bank Plc License
- News Release on APRA Connect
- List of APRA-authorized ADIs
- Taxonomy Artefacts
- APRA Connect Test Environment Overview
Keywords: Asia Pacific, Australia, Banking, APRA Connect, Test Environment, Regtech, Data Collection, Reporting, Restricted API, IN1 Bank Limited, Banking Act, Superannuation, Investec Bank, APRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
FDIC Proposes Amendments to Real Estate Lending StandardsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.