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* 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 the GRC Professional

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 the GRC Professional

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 the GRC Professional

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 the GRC Professional



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 the GRC Professional




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 the GRC Professional

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 the GRC Professional




Money Management

 A letter from the Australian Information Commissioner has confirmed ‘gaps and loopholes’ in the regulatory framework of the financial system.

Money Management reported that Victims of Financial Fraud (VOFF) released extracts of letter that they received form the Information Commissioner explaining the refusal of Freedo...

By the GRC Professional

Thursday 19 April 2018




Sydney Morning Herald

The Sydney Morning Herald (SMH) reported that AMP has ‘misled’ the Australian Securities and Investments Commission (ASIC) on twenty occasions.

The SMH also reported that AMP interfered with the drafting of an independent report.

Michael Hodge QC revealed to the royal commission that Clayton UTZ, commissioned to ...

By the GRC Professional

Thursday 19 April 2018




Money Management

Money Management reports that robo-advice is growing amongst millennials; however, it is older Australians who provide a key opportunity for robo-advice operators.

A survey of 10,000 online investors and 1,425 financial advisers, conducted in eight countries, found that 22 percent of Australian share investors were famili...

By the GRC Professional