G A U G I N G T H E M A R K E T
G A U G I N G T H E M A R K E T
MEETING THE PCI-CPS-AUSTRAC COMPLIANCE COMBO: HOW AUSSIE FINTECHS CAN ADOPT A CONTINUOUS COMPLIANCE CYCLE
Prashanth Nanjundappa, VP, Product, Progress Software
For most Australian financial organisations, 2025 – 2026 will be a busy compliance period. In the span of a year, three important regulatory frameworks are coming in, putting the FinTech industry under great compliance strain. Prashanth Nanjundappa, VP, Product, Progress Software, guides us through the steps on how Aussie FinTech can ride the compliance wave. irst, the new global PCI DSS 4.0 standard – which came into effect last March 31,
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2025 – is putting more pressure on all organisations dealing with credit and debit card information to ensure protection of payment and customer data. Non-compliance would mean facing substantial financial penalties, with fines ranging from US $ 5,000 to US $ 100,000 per month.
Compounding the challenge, two more regulations – this time local ones – are set to hit the industry in the next nine months. APRA’ s CPS 230 will come into effect on July 1, 2025, and AUSTRAC’ s anti-money laundering and counter-terrorism financing requirements which are set to expand on March 31, 2026, introducing broader reporting obligations and increased scrutiny on digital transactions and customer due diligence, particularly for FinTechs operating at scale.
While each regulation has its own unique set of requirements, they all have something in common: the need for organisations to better identify the data and information transiting through their infrastructure, systems, apps and third-party relationships. They then have to protect it, whether that be to mitigate the risk of data breaches, misuse of data or their products or services being used for illicit activities.
The real challenge isn’ t just to reach compliance; it lies in remaining compliant every time requirements are evolving, or new regulations are being introduced. www. intelligentfin. tech
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