Harnesh Singh

Australia payments regulatory landscape acy advisory

Australia – Payments Regulatory Landscape

OVERVIEW OF PAYMENTS Licence Definitions/ Descriptions References The Australian Transaction Reports and Analysis Centre (AUSTRAC) registers remittance service providers as one or more of the following: Remittance network provider (RNP) Affiliate of a remittance network provider Independent remittance dealer. (AUSTRAC issues a separate registration for each type of remittanceservice provider.) Some remitters may need an Australian financial…

Details
afsl-holder-fined-for-not-managing-cybersecurity-risk-acy-advisory

An Australian first, AFSL holder fined for not managing Cybersecurity risk

ASIC has sent a strong message, in a first, that AFSL holders will be held accountable for not managing cybersecurity risk as part of their overall obligation to efficiently and fairly. Financial services company RI Advice Group was ordered to pay $750,000 towards ASIC’s costs by the Federal Court (https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-104mr-court-finds-ri-advice-failed-to-adequately-manage-cybersecurity-risks/). The finding comes after a…

Details
systematic compliance failure

Systematic compliance failures are a financial risk – ASIC

ASIC has sent a message that non-financial compliance risk needs to be monitored just like financial risks. This can be seen in the media release here where ASIC bundles 6 civil penalty provisions against Westpac which alleged widespread compliance failures across multiple businesses, including Westpac’s banking, super, wealth management and insurance brands. See below for…

Details

Risk Management

The purpose of risk management is to identify potential events that may impact on an entity, quantify the impact and likelihood of occurrence and then manage the risk in accordance with the organisation’s risk appetite. Risk appetite is the amount of risk an organisation will assume in pursuit of its goals – this should be…

Details

Compliance

Compliance is the process by which organisations identify and meet their strategic obligations whether arising in law, standards, codes of practice or from stakeholder expectations. Focussing on legal obligations in isolation results in a minimalist and narrow approach, which cannot leverage an organisation’s ability to efficiently manage all aspects of compliance risk. The Board should…

Details

Governance

Governance is the system by which organisations are directed and controlled, involving the allocation of rights and responsibilities across all constituencies including the Board, management, staff, shareholders and other stakeholders. Governance provides the rules for decision making and accountability – setting levels and measurement of performance against objectives – the structure and compliance requirements, ranging…

Details