In this issue

• Welcome to 2024
  
• Reminder - ACSA Awards
  
• ACSA Members Event
  
• ACSA Coffee Buddies
  
• Industry Event – The Network Forum Australasia
  
• SS&C Driving Out Faxes.
  
• AUSTRAC Reporting
  
• In Focus – Alvin Chia (Northern Trust)

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Welcome to 2024

As the holiday season comes to an end it doesn’t seem that the industry has really stopped to take a breath. There is no doubt that 2024 will be full of industry initiative and regulatory change. ACSA looks forward to continuing to engage with members in new and different ways, we are excited about the opportunities for us to come together in person during 2024.

Looking forward, the hot topics are expected to include the Australia market establishing its position on T+1 settlement, the continued evolution of institutional utilisation of crypto and digital assets, the regulators desire for data, ASX CHESS Replacement, and ongoing regulatory and tax change. We have several new initiatives coming from our Next Generation Leaders Working Group, starting with Coffee Buddies which you can read about in this Industry Wrap.

The ACSA executive board is meeting in February to evaluate our mission and strategy given the 2024 industry emerging trends, opportunities, and potential challenges. Thank you for those that have completed the industry survey which will provide valuable input into our planning for the year ahead. We will update you in the February Industry Wrap on the outcomes of the executive board discussions.

The ACSA Though Leadership Series will continue to deliver relevant insights to members on local, global and industry issues and initiatives. Kept an eye out for the new webinar series to commence in March.

Best wishes for 2024.

Reminder - ACSA Awards

Nominations are now open for ACSA Awards 2023

The ACSA Awards recognise outstanding individual contribution to the Association, wider industry and key stakeholders. For over 10 years these coveted Awards have showcased outstanding individuals and the value they bring to industry collaboration and focus on positive change.

Eligibility
Any person who makes a significant contribution to the industry and Association is eligible.

Nomination Process
Nominations should be made by completing the Nomination Form and return no later than 7 February 2024 via email to:

Kate Dent
ACSA Executive
admin@acsa.com.au

Nominations must include details of the individual’s specific contribution (see instructions regarding the citation).
Full details of the process and the Roll of Honour of past recipients can be viewed here.

Award Presentation
Recipients will be notified in February, and the Awards will be presented at ACSA’s first members event on Thursday March 7 which will be held concurrently in Sydney and Melbourne.

ACSA Member Event

ACSA next Members Event, to be run concurrently between Sydney and Melbourne, is on Thursday March 7.

ACSA’s Executive board invites you to join them for an industry update, hear about our 2023 ACSA Award winners and a panel discussion on Diversity, Equity and Inclusion, plus connect and network with your peer’s and colleagues from the industry.

When: 7th March 2024, 4.30pm – 6.30pm

Agenda: Industry update and guest speaker followed by networking cocktail event.

MELBOURNE: Northern Trust - Level 12/120 Collins Street
SYDNEY: HSBC, Barangaroo

Please register here, choosing your preferred location to attend for Sydney or Melbourne.

ACSA Coffee Buddies

The ACSA Next Generation Leaders Working Group is delighted to announced it has over 100 persons registered for the launch of the ‘Coffee Buddies” program in February 2024.

Here's how it works:

• Individuals nominate themselves to be included in the program
• The ACSA Next Gen Leaders Working Group randomly match participants from a different member house and share contact details
• “Coffee Buddies” arrange a coffee or another informal meeting that suits you both

There are many benefits to having a coffee buddy:

• Provides an opportunity to learn about other organisations within the industry and the overall custody and fund administration industry
  
• Mentorship and Career opportunities
  
• An extra friend at the next ACSA industry event
  

The aim of the program is to enable a way to informally connect with industry colleagues to make the custody industry a great industry to work in.

All participants are reminded of the need to follow the ACSA Competition Policy which you can find here.

Industry Event – The Network Forum Australasia Meeting 2024

ACSA is pleased to support the inaugural The Network Forum Australasia Meeting 2024 on Tuesday 5 March 2024 in Sydney, which has the ASX as its principal sponsor.

ASX, in collaboration with host The Network Forum, have curated an impressive line-up of domestic and global speakers. They will address a diverse range of topics related to equity post-trade, including settlement compression, the transition to T+1, post-trade technology, and market commentary.

As a prominent player in the post-trade events arena, The Network Forum is excited to pioneer the first Australasian meeting in a global series. Find more details below.

ACSA will be hosting a discussion on T+1 in Australia during the forum.

The meeting is on March 5, 2024 at the ASX in Sydney. If you’re interested in attending you can register here.

ACSA Members receive 10% off tickets - simply use the code: TNFAUACS at check out.

SS&C leading the charge to the 21st century and driving out faxes

In the 1980’s, a facsimile machine was considered an essential tool for “doing business”. However, when faxing, sensitive information is susceptible to interception and unauthorised access, which creates reliability, privacy and security risks that are unacceptable in today’s financial landscape.

As most in the industry would agree, faxes should have been phased out years ago, yet there are still some market participants that have the legacy arrangement in place. At SS&C Managed Funds Administration (MFA) their leading change and sunsetting the remaining fax lines they support. SS&C is finding strong support and only have a small number of clients with a published fax number remaining, which is about 20% of clients. Of those still retaining fax numbers, plans are in place to remove the fax number from web sites and forms and to reduce the volume of throughput, which will then eventually lead to the fax number to be discontinued without impact.

SS&C has also been working with the Platforms that send faxes and have been able to reduce the volume of faxes received less than 0.01% of the overall volume of trades received. Rather than faxing, Platforms are sending trades in a faster, safer and a more reliable methods and as technological advances now provide more secure and efficient electronic methods of communication, including encrypted file transfer via Calastone, trading via Digital 360 (MFAs technology which facilitates transacting via the portals) or sending an instruction via email directly into our Workflow tool. SS&C's project will gain more traction over the coming months as we they work towards closing out this initiative this financial year.

SS&C is managing this project through its user group and the ACSA Managed Fund Working Group.

For more information contact SS&C technologies here.

AUSTRAC 2023 compliance report is now open – it’s time to get started

The AUSTRAC compliance report is an annual report you must complete that helps AUSTRAC understand how your business is meeting its anti-money laundering and counter-terrorism financing (AML/CTF) obligations.

In the report, you will answer questions about how you have complied with your obligations during the 2023 calendar year.

The report must be submitted by 31 March 2024. AUSTRAC can take enforcement action if you fail to submit your compliance report by the due date. Get started today to make sure you submit your report on time.

Check your enrolment details
Keeping your enrolment details up-to-date is part of your obligations under AML/CTF law. Failing to update your enrolment details can lead to separate penalties.

To make sure you’re set up to submit your report, log in to AUSTRAC Online, check that you have administrator access, and your details are up-to-date, including:

• compliance officer details
  
• business address
  
• contact email or phone number
  
• designated services provided.
  

How to submit your compliance report
You submit your report through your AUSTRAC Online account. Check your business details are up-to-date before you get started, including contact details and designated services. To submit your report, you’ll need to have administrator access in AUSTRAC Online.

Find out more information about the AUSTRAC compliance report, including a short video animation and instructions on how to submit.

Do you need to submit a report?
Most businesses regulated by AUSTRAC need to complete a compliance report, however there are some exemptions.

You don’t need to submit a compliance report if your business is one of the following:

• A gaming venue with a licence for 15 electronic gaming machines or less and you don’t provide any other designated services.
  
• An affiliate of a remittance network provider and you don’t provide any other designated services.
  
• An Australian Financial Services Licence (AFSL) holder where you arrange designated services for customers rather than providing designated services yourself.
  

Find out more about exemptions from AML/CTF obligations.

If you can’t find the information you need about the compliance report, please email contact@austrac.gov.au or call the AUSTRAC Contact centre on 1300 021 037.

In Focus –Alvin Chia

Alvin Chia is Head of Digital Assets Innovation for Asia Pacific at Northern Trust.

Alvin brings more than ten years of experience in various innovation-related roles. Most recently, he was the Expert Senior Manager of Innovation at Bain and Company, where he helped senior leaders from Fortune 500 companies achieve their strategic ambitions. Prior to Bain, Alvin served as the Vice President of Innovation at DBS Bank, where he co-created numerous flagship digital products and services for the bank across Asia.

A lvin is an alumnus of the National University of Singapore (NUS) Nanyang Technological University (NTU), and is currently completing a doctoral degree in digital innovation at NUS.

Quick fire five
Coffee or Tea? Coffee
Tik Tock, Instagram or Facebook? Instagram
Pop, Rock or Rap? Pop
Cocktail or Wine? Wine
Summer or Winter? Winter

Can you briefly describe your role and responsibilities?
I am is responsible for developing market-leading innovations that are aligned to Northern Trust’s digital asset strategy. My team drives Northern Trust’s interactions with fintech, industry bodies, regulators and government to positively influence market change in line with the organization's strategic direction.

What is the most satisfying part of your role?
The most satisfying aspect of my role is the chance to actively shape the future of digital assets in the financial world. In my current capacity, I’ve engaged with a diverse range of stakeholders, from central bankers to Fintech startups, contributing to the exploration and definition of what the future of finance will entail.

How do you motivate yourself and your team?
I focus on the vision and the potential impact of our work, ensuring that my team understands the significance of pushing the boundaries in this rapidly evolving domain of digital assets.

What are some of the exciting places your career has taken you?
In 2023, one of the most exciting journey took me to Beijing. I am honoured to have the opportunity to address the China Banking Association where I spoke to more than 150 senior bankers on the development of digital assets and its transformative impact in shaping the financial landscape across Asia.

What advice would you give your 21-year-old self?
Embrace curiosity and continuous learning. Build meaningful relationships and most importantly, enjoy the journey.

What’s excites you about the future of our Industry?  
As the Chair of the Digital Assets Working Group at ACSA, I firmly believe that Australia is poised to take a leading role in shaping the future of finance. The collaborative efforts within the group, bring together brilliant minds from banking and fintech sectors, empower us to spearhead impactful recommends in policies. It’s a privilege to play a role in propelling Australia forward in the dynamic landscape of digital assets and financial innovation.