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ASIC Media Release

ASIC has commenced civil penalty proceedings in the Federal Court against Westpac subsidiaries Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BTFM) for a number of contraventions, including failures of the 'best interests duty' introduced under the Future of Financial Advice reforms. 

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By Kwame Slusher

Wednesday 21 December 2016



The December 2016 Edition is hot off the press!

This edition is a mixture of articles have been published on the GRC News Page and new articles and interviews looking at some of the topical issues in risk and compliance.


In the magazine there are discussions on RegTech that range from the perspectives of those in the industry to the perspec...

By Kwame Slusher

ACCC Media Release

16 December 2016

The Australian Competition and Consumer Commission will not appeal the judgment of Justice Yates, which dismissed the ACCC’s claim that Woolworths Ltd (Woolworths) had engaged in unconscionable conduct in its dealing with its suppliers through its “Mind the Gap” scheme.

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By Kwame Slusher

ASIC Media Release

16-440MR ASIC releases world-first licensing exemption for fintech businesses

ASIC has today released class waivers to allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence.

ASIC Commissioner John Price said, ‘AS...

By Kwame Slusher

AUSTRAC, Australia’s financial intelligence agency, has just become the Chair of the International Supervisors Forum (ISF) for the next term. 

The ISF was established by government anti-money laundering (AML) and counter-terrorism financing (CTF) regulatory ...

By Kwame Slusher

 

APRA Media Release

The Australian Prudential Regulation Authority (APRA) has today released for consultation a discussion paper which proposes to apply APRA’s cross-industry Prudential Standard CPS 220 Risk Management (CPS 220), and associated guidance, to private health insurers.

The discussion paper is the first in a series of re...

By Kwame Slusher

ACCC Media Release

14 December 2016

The Australian Competition and Consumer Commission has today won a High Court appeal in relation to Flight Centre’s attempt to induce three international airlines to enter into price-fixing arrangements between 2005 and 2009 in relation to air fares offered online by the...

By Kwame Slusher

CMCC Update 

The Code Compliance Monitoring Comittee (CMCC) have just released their annual report for 2015-2016.

Click here to go to the CMCC website to download the latest the report.

By Kwame Slusher

ASIC Media Release

ASIC has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility.

The granting of relief which has a net regulatory benefit, or which facilitates business or cuts red ...

By Kwame Slusher

Monday 12 December 2016

AUSTRAC Media Release

AUSTRAC shares methodologies and case studies regularly with the NZFIU to increase our understanding of the ML/TF environment within the Pacific region.

To share this knowledge more broadly, selected NZFIU case studies have been made available on the AUSTRAC website. This will allow international FIU’s, partner agenc...

By Kwame Slusher