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Regulation

Too many elderly Australians are exploited financially by family and close friends.

These are the words of Australian Bankers’ Association (ABA) CEO, Anna Bligh, speaking at the 5th National Elder Abuse Conference last week.

The challenge banks have with reporting suspected cases of financial abuse were highlighted by the Aust...

By Kwame Slusher


 
 
Last week Friday, the Commonwealth Bank of Australia (CBA) denied the ‘majority’ of the 100 additional allegations made by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
 
“In our defence of the class action matter, we categorically deny all allegations of liability,” CBA indicated in their statement.

The bank, which h...

By Kwame Slusher

Tuesday 27 February 2018


 
At the Financial Action Task Force (FATF) Plenary discussion during FATF week, there was agreement by the Plenary to adopt a new ‘operational plan of action’.

FATF said that “This operational plan is a living document that provides a framework for a flexible and dynamic response to terrorist-financing threats.”

The areas of focus will incl...

By Kwame Slusher

Tuesday 27 February 2018



Long Read


In 2018, it will be more important than ever for organisations to ‘get it right’ when it comes to their GRC frameworks, especially when it comes to meeting anti-money laundering and the counter terrorism financing requirements under the Act.

GRC Professional caught up with Andrew Ham to look at changes in the financial crime space...

By Kwame Slusher

Monday 26 February 2018



* This article was originally published in the December Edition of the GRC Professional. Click here to download a PDF version of this article.
 

Introduction
 
Wade Martin, Head of Risk Management at Cbus Super Fund was awarded the Risk Professional of the year. 
 
GRC Professional caught up with Martin last month to talk about his profe...

By Kwame Slusher

Wednesday 21 February 2018



The Office of the Australian Information Commissioner (OAIC) has released their new data breach preparation and response guide.


The Notifiable Data Breach (NDB) reporting scheme takes effect from Thursday of this week.

According to a statement released by the OAIC, this new guide consolidates information shared in previous guides, includin...

By Kwame Slusher

Tuesday 20 February 2018

Financial Review 

Latvia’s ABLV bank has been accused of assisting North Korea to breach sanctions. Separately, the Latvia Central Bank Governor is also accused of bribery charges.

According to the AFR, in the last two years, two Latvian banks have been fined more than €2.8 million for assisting their clients to violate the European Union and U...

By Kwame Slusher

Money Management

Speaking at his first Joint Parliamentary Committee on Corporations and Financial Services meeting, new Australian Securities and Investment Commission (ASIC) Chair, James Shipton, said reforms that lift professional ‘ethical and competency standards’ for financial planners are important.

Shipton referenced the ASIC inquiry int...

By Kwame Slusher

 
Computerworld

There has been a call for global rules to minimise the impact of global cyber warfare on ordinary citizens.

United Nations Secretary General, Antonia Guterres, believes massive cyber-attacks could become the ‘first salvoes in future wars’.

Last week, Computerworld reported that 13 Russians and three Russian companies have b...

By Kwame Slusher

 



Financial Crime 

The US Bank National Association of Cincinnati and Ohio (Bancorp) has agreed to pay US$613 million (approximately AUD$772 million) in penalties for violating the Bank Secrecy Act (BSA), and for a ‘faulty’ AML program, according to the American Banker.

That is more than twice the amount of the AUD$375 million CBA has se...

By Kwame Slusher