Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket

Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket

Financial Services
Previously, we discussed some core areas where financial professionals need to think about their own compliance, including compliance with the law and professional obligations. What exactly will happen though, to people and organisations that are in serious breach of their obligations? Recent cases suggest that regulatory agencies and the courts will deal severely with serious non-compliance. For example, in March the Federal Court agreed that Tabcorp would be required to pay a $45 million civil penalty for breaches of anti-money laundering and counter-terrorism financing laws. Referring to this case, the CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), Paul Jevtovic commented: “There was a serious failure in the corporate governance and the size of the penalty reflects a significant and extensive non-compliance”. A take-home message, perhaps, is that…
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Are you up-to-date with your obligations as a financial professional? Five quick questions

Are you up-to-date with your obligations as a financial professional? Five quick questions

Financial Services
Are you up-to-date with your obligations as a financial professional? Five quick questions We recently looked at some key regulatory changes in the financial services sector affecting both the FinTech and banking industries. A common theme through these changes is a clear commitment to cracking down on unethical and unprofessional behaviour in the sector. Furthermore, there is an ongoing Senate committee inquiry into the ‘Scrutiny of Financial Advice’, reviewing the current regulatory framework for financial advisors. We will have to wait until the committee reports back on 30 June 2017 to see if further changes lay in store for the sector. In the meantime, here is a five-question mental checklist for all those in the industry: 1) Have I kept pace with the latest industry and economic trends? In order…
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