A service that will change your business BNY Mellon Australia can provide a proven document lifecycle solution from document receipting, verification, tracking, imaging, distribution, intransit recovery, audit controls through to secure destruction.
Our functions consist principally of wholesale banking and corporate trustee services such as acting as a trustee for securitised lending programs.
|Proposed changes to APRA EFS data collection | KPMG | AU||It applies to insurers and Level 2 insurance group. The ultimate responsibility for the reinsurance management framework of a general insurer rests with its Board of directors; and in the case of a Level 2 insurance group, with the Board of directors of its parent entity.|
If you do not provide the information that we ask, we may not be able to provide the products or services you have requested. We may collect personal information such as your name, address, phone number or any other information that may be required for identification purposes. We may also collect other information such as details of a loan or security that you have provided to us when we act as the trustee for a lending program.
From time to time, we may also collect personal information about individuals such as company directors or guarantors whom we may deal with. There may be other circumstances where we may collect personal information from contractors who are contracted to perform services for us or persons who apply for employment with us.
The information that we collect may include contact details, educational qualifications and information about your past work history. When we collect personal information from you as required by law, we will use such steps as are reasonable in the circumstances to advise you of this.
BNYM only collects personal information by lawful and fair means. Where we act as a custodian or trustee in relation to a lending program, then we may also collect and hold credit information or credit eligibility information in relation to you.
We may hold information in our own right, or in a more limited capacity as the trustee of a trust. Where we hold information as a trustee, this means we may be subject to obligations only to use and disclose that personal information for the purposes of the relevant trust.
It also means that the relevant manager that manages the operations of the trust on a day to day basis will also hold personal information. When we accept appointment to act as a trustee, we require the relevant manager to comply with the law relating to privacy when they deal with your personal information.
What if you do not provide certain information? If you provide us with an incomplete application, we may not be able to provide you with the product or service until the application is complete.
If you do not provide us with all relevant identity verification documents, or adequately satisfy electronic identity verification requirements, we may not be able to provide you, or continue to provide you with the product or service.
In particular as a provider of financial and credit service and products in Australia we have obligations under the Anti-money Laundering and Counter-Terrorism Financing Act Cth to collect certain information about persons to whom we provide our services including account signatories, directors and beneficial owners.
Use of service providers Your personal information may be disclosed to third parties in order to issue or provide you the product or service that you requested, when we have outsourced certain functions associated with such product or services and as required or permitted by law.
Only information necessary for the service provider to carry out their function will be provided and will be subject to confidentiality clauses in the relevant services agreement. Changes to personal information Changes to your personal information can happen from time-to-time and we ask that you keep us informed of any changes by notifying us in writing.
We may also ask you to review, confirm and advise of us changes to your personal information. Storage and security of information BNYM stores personal information in a combination of computer storage facilities, paper-based files and other records.
We will take reasonable steps to protect personal information from loss, misuse, unauthorised access, modification or disclosure. We will also ensure that any service providers including managers or trusts that we deal with also take such steps.
Such disclosure would include a description of the data breach and the kinds of information concerned, but would not include the personal information.
Access and correction The APP give you a right to access the personal information that we hold about you subject to some exceptions. You can contact our Privacy Officer details below to make a request. Generally, BNYM will provide you with access within a reasonable time frame, to your personal information that we hold, unless a particular exception applies, such as where: If a request for access would divulge a commercially sensitive decision-making process, then BNYM may provide an explanation rather than direct access to the information.
If your request relates to information about a trust or lending program for which we act as a custodian or trustee, we may not hold all of the information about you that is relevant to that trust or lending program. The relevant manager of that trust with whom you deal with on a day to day basis may hold more information than we do.APRA is also changing data reports for international exposures and planning a consultation on reporting of counterparty credit risk and, separately, large exposures.
Reporting requirements General insurers are required, under the Financial Sector (Collection of Data) Act and its reporting standard, to provide data to APRA. The data is defined in the set of reporting forms and instructions.
Draft Reporting Standard SRS Investment Performance (Non-MySuper Investment Options) December SPG Business Continuity Management pdf KB Try searching historical snapshots of APRA's website on the Australian Government web archive.
Subscribe for updates. In January APRA released a discussion paper outlining proposed changes to the Economic and Financial Statistics (EFS) collection administered by APRA on behalf of the ABS and the RBA.
A new data quality standard ARS is proposed which sets the required level of accuracy for data reported for the data collection. APRA Prudential Standard GPS Reinsurance Management – An Overview and Summary of Requirements.
By: The amended ReMS should be approved by the Board and submitted to APRA within 10 business days of Board Approval. Read the APRA Prudential Standard GPS Reinsurance Management in full.
The Australian Prudential Regulation Authority (APRA) oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies and most members of teh superannuation industry.