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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


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

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


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