ABA takes aim at fresh faces Lachlan Maddock 03 February 2021 New players in the Australian financial landscape are ratcheting up the risk for some of its biggest institutions, according to the Australian Banking Association (ABA). While banks are subject to a host of prudential and consumer regulations, many new entrants to the payments landscape – including buy now, pay later (BNPL) players like Afterpay – are not. The ABA believes that could endanger the whole system. “The gaps have the potential to introduce new risk into the payments system or undermine the effectiveness of existing regulation, including consumer protection, and the detection and prevention of money laundering and financial crime,” the ABA said in a submission to Treasury on the matter.