Category: Governance, Risk & Compliance

Here we go again – AUSTRAC updates KYC requirements

September 28, 2016

Just when you thought you had got on top of your Customer Due Diligence (CDD) requirements, AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. (a) Collection of information about a customer Previously, when undertaking customer identification and verification activities, a reporting entity was required to obtain the requisite information … More Here we go again – AUSTRAC updates KYC requirements

What do mystery shopping and digital advice have in common? ASIC

September 13, 2016

Digital advice: ASIC provides guidance on AFSL compliance One of the biggest innovations in recent years within the Financial Services industry is the introduction of digital or ‘Robo’ advice – that is, the provision of automated financial product advice using algorithms and technology without the direct involvement of a human adviser. In response to queries … More What do mystery shopping and digital advice have in common? ASIC

Our top ten tips to keep your AML/CTF Program in shape: part one

September 1, 2016

This is a series on common issues identified during the completion of external AML/CTF independent reviews. In this series, James Cozens, Director, Commercial, and Brooke Benson, Senior Consultant at CompliSpace, will build upon the key issues typically identified during the completion of external independent reviews and commentary on common issues identified by AUSTRAC. As part of our … More Our top ten tips to keep your AML/CTF Program in shape: part one

It’s AML/CTF Independent Review Time

August 30, 2016

This is the first article in a three part series on common issues identified during the completion of external AML/CTF independent reviews.  In this series, James Cozens, Director, Commercial, and Brooke Benson, Senior Consultant at CompliSpace, will build upon the key issues typically identified during the completion of external independent reviews, as well as commentary … More It’s AML/CTF Independent Review Time

ASIC’s strategic outlook for 2016-17: culture is key

August 9, 2016

In this blog: ASIC’s strategic outlook for 2016-17: culture is key Financial Reporting – ASIC Sets 7 Focus Areas CompliSpace upcoming Sydney Workshop: 31 August   ASIC’s strategic outlook for 2016-17 ASIC has released an outline of its key regulatory priorities for 2016-17. These are: Cyber resilience and technology disruption; Firm culture and conduct; and … More ASIC’s strategic outlook for 2016-17: culture is key

ASIC focuses on Responsible Entity Risk Management again, along with Wholesale Fund Managers, IDPS and MDA Operators

August 2, 2016

Consultation Paper 263 In March 2013 ASIC published Consultation Paper 204 (CP 204) and draft Regulatory Guide seeking feedback on new proposals which would introduce more targeted requirements for the risk management systems of responsible entities (REs) not regulated by the Australian Prudential Regulation Authority (APRA). The proposals outlined in CP 204 were not implemented … More ASIC focuses on Responsible Entity Risk Management again, along with Wholesale Fund Managers, IDPS and MDA Operators

Conflicts of Interest in Practice – Part 2: Systems to identify, mitigate and review

July 5, 2016

This is the second article in a two-part series on conflicts of interest in financial services. In this series, Brooke Benson, Compliance Consultant at CompliSpace, will build upon the insights and concerns identified by ASIC and provide practical insights on the management of conflicts of interests in financial services businesses. Part Two will explore key business … More Conflicts of Interest in Practice – Part 2: Systems to identify, mitigate and review

Second anniversary of ASX CGPRs: Report sets a baseline for compliance

June 23, 2016

In this edition: Second anniversary of ASX CGPRs: Report sets a baseline for compliance Loss of licence: ASIC gets serious   Second anniversary of ASX Corporate Governance Principles and Recommendations: Report sets a baseline for compliance Almost two years after the ASX Corporate Governance Principles and Recommendations (CGPRs) came into effect, the ASX has release … More Second anniversary of ASX CGPRs: Report sets a baseline for compliance

ASIC identifies key risks for business in 2015-16 

September 4, 2015

While the ASIC Corporate Plan for the next 3 years may not be everyone’s page-turner, the Plan contains important issues affecting all businesses. This blog highlights the key risks ASIC identified in their Corporate Plan 2015-16 to 2018-19 (Plan), which should act as a road map of emerging risk and compliance issues which all organisations … More ASIC identifies key risks for business in 2015-16 

Compliance Standards ISO 19600 and AS 3806 – differences explained

April 14, 2015

We last wrote about ISO 19600:2014 Compliance Management – Guidelines (ISO 19600) in our article ‘A New Global Standard for Compliance: ISO 19600‘. Since that time ISO 19600 has been adopted as the international standard. ISO 19600 was developed under the auspices of the International Organization for Standardisation (the ISO). Although at the date of … More Compliance Standards ISO 19600 and AS 3806 – differences explained