At 1WordFlow we were delighted to hear about the new Federal Government’s commitment to transparency. And yet, while the transparency portal https://www.transparency.gov.au has been in place for several years, its repository of PDF downloads is anything but transparent. Finding required content on the portal requires downloading and scrolling through documents sometimes 500 or more pages […]
Tired of trying to navigate government legislation and regulations? For financial services lawyers, RegulationCity means no more sticky notes!
As the legal profession continues to evolve post-pandemic, many practitioners have become very comfortable with general business technology like Teams, Zoom and Slack, as well as specialist legal technology (“legaltech”). Technology can really help to minimise those “unbillable hours” by avoiding travel time and repetitive tasks, for example, in preparing contracts or letters of advice. […]
The new Chair of the ACCC, Gina Cass-Gotlieb, has stated that one of the ACCC’s key compliance and enforcement priorities for 2022/23 is promoting competition and investigating allegations of anti-competitive conduct in the financial services sector. In a speech to the Australian Financial Review Banking Summit on 31st May, the Chair singled out payments in particular, noting […]
RegulationCity’s digital twin technology is the solution for insurers struggling with endless regulation. The article in Insurance Business highlights how digital web documents for insurance, are obsoleting PDFs, by providing 1-click web access to any page of any regulation without downloading. They draw a very apt analogy with the movie business, where Netflix streaming obsoleted […]
APRA regulates over 2000 entities in the financial services industry. Chairman Wayne Byers spoke at FINSIA’s The Regulator’s Event on 13/5/22 – outlining where APRA’s focus will be in the near term. In Banking – the impact of the two major shifts facing the industry: digital disruption, and the emergence of higher inflation and rising […]
The Federal Court has found AFS licensee, RI Advice, breached its license obligations to have adequate cybersecurity risk management systems.
Australia’s Anti-money laundering and counter terrorism financing regime is underpinned by a number of legislative instruments, including the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No 1), the Anti-Money Laundering and Counter Terrorism Financing (Prescribed Foreign Countries) Regulations 2018 and the Financial Transaction Reports Act 1988. […]
What’s the biggest compliance challenge in financial services?Research by Thomson Reuters uncovered this very candid response from a senior compliance professional:“Rolling out a champagne and caviar compliance program on a bread and water budget.”Why is it so hard? Here are a few reasons: The volume and pace of regulatory change is unrelenting. The breadth of […]
Every year, Australian financial services businesses are faced with a staggering amount of regulatory change. Ensuring a resilient financial system demands that the regulatory environment adapt quickly to new development. Compliance, risk and legal professionals are regularly called on to grapple with an enormous number of regulations, including over 2,500 updates issued by the likes […]