Ground breaking Federal Court Decision on Cybersecurity Risk Management Obligations
In an Australian first, the Federal Court on 5/5/22 has found Australian Financial Services licensee, RI Advice, breached its license obligations to act efficiently and fairly when it failed to have adequate risk management systems to manage its cybersecurity risks. ASIC said the finding came after a “significant number” of cyber incidents at authorised representatives […]
Australia lags in Anti – Money Laundering Laws
Australia is one of only three nations – along with Haiti and Madagascar – yet to commit to bringing lawyers, accountants and real estate agents under the umbrella of anti-money laundering and counter-terrorism finance laws (AML-CTF). The Government has failed to act on a promise it made in 2014 to bring the professions into the […]
Silicon Valley Bank Collapse – How are Deposits Protected in the Australian Banking System ?
Much is being written about the collapse of Silicon Valley Bank – the largest banking failure since the Global Financial Crisis In 2008. A few interesting facts about Silicon Valley Bank – with thanks to finance industry commentator Eddie Donmez https://www.linkedin.com/in/eddie-donmez-538b55b5/ The collapse of the bank does highlight the issue of depositor protection. In Australia, this […]