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The Financial Review recently reported that two business premises raided in connection multi-million dollar fraud committed by a former NAB employee.

Andrew Thorburn, NAB CEO, said that the bank was cooperating with the police and that no customers were impacted by the fraud.

"This matter has been investigated by us, and wa...

By Kwame Slusher

Friday 13 April 2018


The responsibility of technology and strategic technology risk rests in the domain of governance. Yet less than 10% of board members in Australia and Canada have technology experience.

“That means 90% of the people who are making decisions about future strategies have no real background in technology,” said Patrick McConnell, in...

By Kwame Slusher

Tuesday 10 April 2018

Two auditors from the self-managed superannuation fund (SMSF) industry have been disqualified for breaches.

Robert Newham, from the Australian Capital Territory (ACT), was disqualified for breaching independence and professional development requirements, and John Tretola, from South Australia (SA), has also been disqualified for breaching inde...

By Kwame Slusher

This article was originally published in the
GRC Professional: Financial Crime 2018 Edition.  Click here to download a PDF version of this story.

by Andrew McLeish

When the first whistleblower legislation was introduced in 2001 – The Whistleblower Protection Act 2001 (Vic), the aim of the Act was to afford a person the ultimate protection ...

By Kwame Slusher

Even when stronger penalties arrive for competition and consumer protection, being able to demonstrate a strong compliance program will remain a benefit to businesses.

“It is recognised in Australia that the courts do see that as a mitigating factor,” said George Kamencak from CCL Consultants Pty Ltd. “They look at whether a company has a comp...

By Kwame Slusher

Last week, the Australian Securities and Investments Commission (ASIC) accepted an enforceable undertaking (EU) from the Australia and New Zealand Bank (ANZ).

The EU is connected the fact that, from 2006 – 2013, banks failed to provide annual reviews for more than 10, 000 Prime Access customers.

“Our report into Fees For No Service in Oct...

By Kwame Slusher

Kawasaki Kisen Kaisha (K-Line) will be the second guilty plea in relation to the cartel conduct case that also involved third-party, Nippon Yusen Kabushiki Kaisha (NYK).

NYK plead guilty in August last year to a fine of $25 million.

K-Line’s plea follows an investigation by the ACCC and charges laid by the Commonwealth Director of Public Pr...

By Kwame Slusher

by Joanna NG and Carla Lietdke

* This article was originally published in the Financial crime 2018 Edition in the GRC Professional Magazine. Make sure that you are signed in to your account to download your member copy of the the GRC Professional Magazine.

* Click here to dowload a PDF copy of this article.

The marriage of AML and cybe...

By Kwame Slusher


Last Wednesday, there were two major announcements concerning the Australian Securities and Investments Commission (ASIC).

Stronger leadership
Minister for Revenue and Financial Services, Kelly O’Dwyer, announced the Government has introduced legislation to ‘enhance’ ASIC’s capability to create a second deputy chairperson.


By Kwame Slusher

RAA Insurance Limited must pay $43,3200 in penalties, after receiving four infringement notices for misleading marketing in South Australia.

“Financial service providers must make sure that the attempt to grab consumer attention in their advertising does not give misleading impressions. Key qualifications to the headline offer must be adequate...

By Kwame Slusher