News
Wednesday 31 January 2018
News Summary
The recent heist at the Japan-based digital currency exchange, Coincheck, looks set to result in tighter regulation for digital currencies by the Japanese Government.
This comes after policy-makers were already developing a new licensing system.
According to the AFR’s Yuji Nakamura and Andrea Tan, the theft of nearly US$500 m...
By Kwame Slusher
Wednesday 31 January 2018
Western Union has agreed to pay $735 million (US$586 million) to fraud victims worldwide.
This compensation scheme is open to customers scammed between 1 January 2004 and 19 January 2017.
While Western Union has escaped criminal trial for now with a Deferred Prosecution Agreement (DPA), it is still the highest penalty brought against a mone...
By Kwame Slusher
Wednesday 31 January 2018
Long Read
Failure to comply with the new Notifiable Data Breach (NDB) laws due to come into effect on 22 February could result in fines of up to $2.1 million for entities and $420,000 for individuals.
Last year, the Office of the Australian Information Commissioner (OAIC) published guidance on their website to help organisations build t...
By Kwame Slusher
Wednesday 31 January 2018
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Following a New Year’s resolution to upskill? Here is some Recommended Reading to help you meet those shifting goalposts when it comes to business expectations, the regulator and the community.
Recommended Reading
• Compliance Management: A How-to Guide for Executives, Lawyers, and Other Compliance Professionals by Nitish Singh and Tho...
By Kwame Slusher
Wednesday 31 January 2018
News Summary
According to ANZ, a report that records their compliance failures was ‘confronting’ and shows ‘significant failures’ over the last decade.
The ‘big four’ banks had until Monday 29 January to submit reports on instances of bad conduct. This was the first information request from Commissioner Kenneth Hayne, who is heading the R...
By Kwame Slusher
As part of their progress on a compensation scheme, Commonwealth Bank of Australia (CBA) will review advice given to customers by five advisers and pay compensation where customers have suffered a loss.
According to an ASIC report, CBA owes $1.9 million in compensation as a result of advice given by the five in question. However, the regulator...
By Kwame Slusher
With the New Year, it seems CBA is making some changes in the face of scrutiny caused by the royal commission into its practices.
Matt Comyn has been appointed the ‘new face’ of the bank and will take up his post in early April. He is expected to address the challenges of culture that may have played a role in those areas where the bank has be...
By Kwame Slusher
Wednesday 24 January 2018
News Summary
It has been reported that the general insurance sector has admitted to not providing insurance for riskier properties.
According to the AFR’s Alice Uribe, the Australian Competition and Consumer Commissioner (ACCC) launched an inquiry last year about the price hikes in northern Australia.
However, the Insurance Council of Austra...
By Kwame Slusher
Wednesday 24 January 2018
News Summary
The US Securities and Exchange Commission (SEC) has warned American companies looking to ‘ride the blockchain wave’.
The American securities regulator said it will be monitoring firms to ensure that, when taking on new names and business models, they are not just trying to get investors in to the blockchain, AFR’s Ben Bain repor...
By Kwame Slusher
Wednesday 24 January 2018
News Summary
Farming finance and small business finance will be included amongst the issues being investigated by the Royal Commission.
The Royal Commission will commence public hearings in Melbourne on 16 February.
Commissioner Kenneth Hayne has asked for submissions on small business finance, farming finance, financial advice, personal adv...
By Kwame Slusher
News
