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Hong Kong

The GRC Professional got a chance to catch up with Angus Young, Senior Lecturer in the Department of Accountancy and Law at Hong Kong Baptist University, to talk about some of the regulatory updates coming out of the Securities and Futures Commission (SFC), and also some of the challenges Hong Kong businesses face when establishing e...

By Kwame Slusher



Financial Crime 

Julian Hunn, who works in financial crime and sanctions at the Flight Centre Travel Group, has been in the financial crime space for a long time.

During that time, he has seen major changes in the regulatory environment and in attitudes from both regulators and businesses now considered to be regulated entities.

...

By Kwame Slusher

Thursday 15 February 2018



Technology

The New Payments Platform (NPP) had its official public launch in Australia on Tuesday. According to a statement from New Payments Platform Australia (NPPA), this new platform should allow customers and business access to the ‘most modern payments system in the world’.

It is expected the NPP will be rolled out to 60 banks, credit...

By Kwame Slusher



Insurance company, ClearView Life Assurance, will pay $1.5 million in compensation to 16,000 consumers who were victims of unfair sales practices.

This is after the Australian Securities and Investments Commission (ASIC) raised concerns about ClearView’s sales practices. The corporate regulator found ClearView used ‘unfair and high pressure’ w...

By Kwame Slusher

Monday 12 February 2018





The Australian Prudential Regulation Authority (APRA) is set to begin consultation soon with regards to the 2022 implementation of Basel III.

Speaking at the Australian Economic Forum in Sydney last week, APRA Chair Wayne Byres said, in addition to tackling bank capital, APRA was also turning its attentions to housing and culture.

“Our ...

By Kwame Slusher



The recent draft report from the Productivity Commission (PC) looking at Competition in the Australian Financial System reinforces the need for financial institutions to take a more consumer-centric view of their business.

The report also recommends financial institutions reconsider their GRC programs and focus on how, potentially, a new regul...

By Kwame Slusher

Monday 12 February 2018



News Summary

The Australian Banker’s Association said the Royal Commission into the banking sector promises to be a painful process.

"This Royal Commission offers all Australians the chance to take a long, hard look at their banking system. It will provide Australians with an opportunity to consider what works well, what is already being ch...

By Kwame Slusher

News Summary

There has been a call to let employees of the big four banks talk to the Royal Commission.

Finance Sector Union Secretary, Julia Agrisano, has said bank employees needed ‘written assurances’ that would allow them to communicate with the Royal Commission without risking their jobs.
“Under normal circumstances, it is impossible for ...

By Kwame Slusher

Monday 12 February 2018



News summary

A banking insider said he expected banks will shed up 40,000 jobs over the next five years. This would make the reduced wage bill the primary saver for banks.

This comes just in time for the public hearings of the Royal Commission.

"If you can be the most successful at bringing your staff numbers down the quickest, that's go...

By Kwame Slusher

Thursday 8 February 2018



The Commonwealth Bank of Australia is expected to pay $375 million in penalties as a result of its money laundering compliance scandal. This amount far outstrips TABCORP’s previous record-breaking penalty of $45 million.

CBA has further pledged $200 million to undertake regulatory, compliance and remediation programs.

Soon-to-be-replaced CB...

By Kwame Slusher