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ASIC

It's going to cost ANZ about AUD5 million to compensate victims of the scheme that operated through the bank's Esanda car finance business. That's just part of what ASIC describes as "a package of regulatory actions against Australia and New Zealand Banking Group Ltd (ANZ)" But there's an anomaly of the kind that excites our colleagues on the financial crime publications group of PleaseBeInformed. But we got to this one first! Even more, the story looks like a simple management failure but on closer inspection it demonstrates a fundamental lack of attention to the most basic money laundering / terrorist financing KYC/CDD requirements. ASIC may think it's over. AUSTRAC needs to take a look.


Nigel Morris-Cotterill
BIScom Subsection: 

The Australian Securities and Investments Commission (ASIC) has licensed the first crowd-sourced funding (CSF) intermediaries under the new CSF regime.

Editorial Staff
BIScom Subsection: 

The Australian Financial Services (AFS) Licence of a financial adviser in Brisbane was cancelled yesterday but the announcement was made first thing this morning Sydney time . Today, at least one LinkedIn profile says that the company holds an AFS licence proving that social media and due diligence are not good bedfellows. The case also shows that penalties for failure to comply with orders by regulators to undertake more effective management can have serious repercussions.

Editorial Staff
BIScom Subsection: 

Financial adviser Drew Grosskreutz of Queensland, Australia, has been banned from providing financial services for three years, says ASIC

Editorial Staff
BIScom Subsection: 

With effect from 4th April, 2018, new rules will apply to Australian financial services (AFS) licensees that hold "derivative retail client money."

Inevitably, it's not that simple. Then again, our detailed analysis shows that compliance should not be expensive or difficult,

Editorial Staff

ASIC has disqualified Kathleen Whittle of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor.

Editorial Staff
Publication: 

Yes, yes, we know. Commonwealth Bank's got its problems over a failure to properly design and implement an automatic system and for not acting on the reports it did produce. But that's not the only thing bad that's happening down at the bank that has more short-forms of its name than we can keep up with. CBA, Commonwealth, CB, CommBank... so much for the usual rule of construction that if it's called something different, it is something different.

Editorial Staff
BIScom Subsection: 

Australia's superannuation scheme is popularly known as "super" and it has nothing to do with Reggie Perrin although, given the frequent problems with it, it might be the successor to Sunshine Des serts. Now an auditor of self-managed schemes has been banned after it was determined that he had "breached fundamental independence and audit requirements."

Editorial Staff
BIScom Subsection: 

Binary options are a simple concept: they pay a fixed return, or nothing. It's a bit like a KickStarter campaign: if you hit the target, you get your money, if you miss it, you don't. But with binary options, the risks are different: fail and you lose your investment. So, there's another way of looking at it: it's a bet and if you lose, you lose your stake, so it's not like an ordinary option where you might still get back some of your original investment. For sophisticated investors and financial adrenalin junkies, they are fine. For everyone else, they are very high risk. Aussie regulator ASIC says that risk is rarely properly explained, and often it is not explained at all.

Editorial Staff
BIScom Subsection: 

ASIC has commenced proceedings in the Federal Court of Australia to wind up a land banking scheme known as the VKK Investments Unit Trust (VKK scheme), as well as the trustee and operator of the scheme, Gem Management Group Pty Ltd (Gem).

Editorial Staff
BIScom Subsection: 

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