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Regtech solutions are not only for the financial industry

Friday 29 June 2018



Regtech

Though much emphasis has been placed on RegTech’s role in helping the finance industry, RegTech can be a boon to the compliance systems of any industry.

One area where a lot of opportunities exist for RegTech solutions, according to Ladbrokes’ Patrick Brown, is in the online gaming space.

Last year, Tabcorp was fined $45 million ...

By Kwame Slusher

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Compliance angle is crucial

Friday 29 June 2018



RegTech
 
Australian Transaction Reports and Analysis Centre (AUSTRAC) emphasises that compliance needs to be at the centre of any technology solution.

“You have to be mindful and place importance on compliance, whatever you’re building, developing, prototyping, jamming,” Raj Walton, Director of innovation at AUSTRAC said at the financial in...

By Kwame Slusher

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GRC 2018 Event series in Sydney in Brief

Friday 29 June 2018



The day opened with Jo-Anne Hayes who is Head of Risk, Compliance and Quality at Grant Thornton.

She spoke about the importance of reviewing the existing privacy frameworks as well as also reconsidering the supply chain and not underestimating the exposure of third party risk.

Warren Day from ASIC spoke to attendees about changes in the whi...

By Kwame Slusher

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Changes in whistleblowing Legislation

Friday 29 June 2018



Warren Day, the Victorian Regional Commissioner and Senior Executive Leader of Assessment and Intelligence at the Australian Securities and Investment Commission (ASIC) spoke at the GRC 2018 Event Series in Sydney about amendments in the whistleblowing legislation.

Among the amendments he indicated that there will not going to be separate body...

By Kwame Slusher

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SMSF Financial Advisers need to do better

Friday 29 June 2018


 
Alerts from ASIC 

Of the 250 randomly selected files the Australian Securities and Investments Commission (ASIC) Indicated that 91 per cent files failed to meet the ‘best interest’ duty.

According to an official statement from the corporate regulator 10 per cent of the files reviewed showed that the clients would be significantly worse off...

By Kwame Slusher

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Independent Review Compromised

Friday 29 June 2018




News Summary 

Financial Review 

The Australian Financial Review reported that the independent review done by KPMG into technology systems of the Australian Bureau of Statistics biased to reflect the views of the ABS.

The Financial Review reported that :

Former KPMG associate director James Eldridge alleges the firm removed and wa...

By Kwame Slusher

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BBSW Settlement for CBA

Friday 22 June 2018




News Summary 


Money Management 

Money Management has reported that CBA reached a settlement with the Australian Securities and Investments Commission (ASIC) of $25 million for unconscionable conduct in relation to the Bank Bill Swap Rate (BBSW).
 
$5 million will go the regulators costs and litigation, $15 million will go to the consu...

By Kwame Slusher

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The Role of the Power of Attorney

Thursday 21 June 2018




Financial Services 

 Powers of Attorney (POA) can help empower banks to tackle elder financial abuse.
The Australian Banking Association (ABA) has called on the public to help tackle elder abuse, announcing a collaborative effort with the National Seniors and the Council on Ageing, the Older Person’s Action Network, and the Finance Sector U...

By Kwame Slusher

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FCA looks at Fintech Future

Thursday 21 June 2018



Fintech
 
So how is the UK handing the question of competition and innovation in their own markets?

While competition and innovation seem to go hand-in-hand, sometimes they need help from yet another invisible hand, says Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA).

“At the h...

By Kwame Slusher

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Financial benchmark and regulatory guide released

Wednesday 13 June 2018




Regulations

Following a year-long consultation period, the corporate regulator has released its financial benchmarks and regulatory guide.

“This is another significant step in ensuring continued market confidence in Australian financial benchmarks, so that they remain robust and reliable. The public can be confident that these critical be...

By Kwame Slusher

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