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Australia's financial regulator- Australian Securities and Investments Commission (ASIC) has published a report outlining submissions made to its call for comments on a national e-payment system. Among issues featured in the consultation include whether the epayments code should be mandatory, reporting requirements, compliance monitoring, a framework for mistaken payments, extending the code to small businesses, as well as use of biometrics, payment platforms and aligning the code to Australia's consumer law. A proposal by banks to allow them to impose security and device rules on their customers was not taken up.
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