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Monday 30 April 2018

*This article was originally published in the GRC Professional:Financial Crime Edition 2018. To download a PDF copy of this article click hereTo download your edition of the magazine please log in to your member account.

by Eli Singer 

In 2016, AUSTRAC released its much-hyped report on the superannuation sector, detailing its money...

By Kwame Slusher


Ford Motor Company Australia has been found to have acted unconscionably in the way it dealt with its PowerShift transmission cars and has been ordered by the Federal Court to pay $10 million in penalties.

“Despite knowing that shuddering was a symptom of the quality issues with the vehicles, Ford frequently told customers that sh...

By Kwame Slusher

Conusmer Commission  

Overseas companies still have to abide by Australia’s competition laws.

This was the basis of the High Court of Australia’s decision to dismiss the special leave application of the US-based Valve Corporation.

“This important precedent confirms the ACCC’s view that overseas-based companies selling to Australian consu...

By Kwame Slusher

* This article has been republished with the permission of Kristy Grant-Hart from Compliance Kristy.

by Kristy Grant-Hart

“Iterative,” “Failing Forward” and “MVP” were unfamiliar phrases for me when I started my company two years ago.  In reading about successful entrepreneurship, I realized that many ideas that help make entrepreneurs...

By Kwame Slusher

Thursday 26 April 2018

The banks and the future of the world order

by Dr Bob Murray
Some very nice people that I know at the banks averted their eyes to some very nasty behaviour. Some otherwise ethical folks I have dealt with did some very unethical things when placed in a culture of financial immorality.

And you gotta ask: why?

I’m a behavioural neurog...

By Kwame Slusher

Thursday 26 April 2018

Imagining the new regulatory framework 

* This article was originally published in the GRC Professional: AML & Financial Crime Edition 2018. Please log in to your member account to download your edition of the magazine.

What would regulation for Designated Non-Financial Businesses and Professions (DNFBPs) look like in Australia? What w...

By Kwame Slusher

Thursday 26 April 2018

AML & Financial Crime Congress 

‘Regulatory fatigue’ was the phrase of the day at the Thomson Reuters Australian Regulatory Summit. Yet, regulators still expect to see compliance.

The Australian Transactions Reports and Analysis Centre (AUSTRAC) has demonstrated that, while it wants to collaborate with industry to protect the Australian fin...

By Kwame Slusher

Last week, the Government announced they will be strengthening criminal and civil penalties for misconduct in financial services.

The increase in penalties is expected to bring Australia into alignment with the so-called ‘leading international jurisdictions’ and will also ensure that penalties here represent a ‘credible deterrent’.

They als...

By Kwame Slusher

Financial Review

Bad Financial Planners can simply ‘go down the road to another association’ reports the Australian Financial Review.

Earlier in the week, the commission heard case about complaint made to the Financial Planners Association (FPA) about Sam Henderson that went unresolved for more than a year.

The commission also heard a...

By Kwame Slusher

Thursday 26 April 2018

Sydney Morning Herald

Rogue the AMP planner, Adam Palmer, advised client’s to his private firm, Property Saint, on the side.

The Sydney Morning Herald reported that AMP hired Palmer in 2013 knowing that his previous employer had been sanctioned by the Australian Securities and Investments Commission and that Palmer had been found guilty ...

By Kwame Slusher