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Compliance

A former financial planner from Melbourne, Australia, has been prosecuted by the regulator the Australian Securities and Investments Commission (ASIC)

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This is not about money laundering. It's about how the UK is de-EU-ing law and regulation ready for "exit day." The UK's draft statutory instrument called "The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018" is an object lesson in technical documentation. It has no life of its own and can only be read alongside other UK law and Regulations. It is of extraordinary importance not because of what it does but because of what it demonstrates. This is an indication of the clerical complexity of withdrawing from the EU even when the principles, as they will in relation to the Money Laundering Directives, will remain as now.

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This section collates news and information feeds from government departments and regulators around the world.

There is no cost to governments or regulators to have their information feeds appear here.

Viewing the information in this page is free of charge and does not require registration on this website. It may be necessary to register to visit some of the sources.

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On 19th April, Australia's newest national bank, Members' Equity Bank a.k.a. ME Bank, announced that it was to increase its interest rates on existing home loans, with effect from 19th April. Then it made a silly error. Given that the banking sector in Australia is under the most intense scrutiny and that it would be logical to assume that, if at any time, this is the time where banks will double, triple even quadruple check their actions, the stupidity of the error raises a serious question: is the financial sector in Australia simply under-skilled and, therefore, unfit for purpose?

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A thread on Linked-In raises the question of why the opportunity to join in the class action announced against Commonwealth Bank of Australia is not available to many shareholders. Here's a simplified guide to class actions - and why the CBA case bears more than a passing resemblance to a shareholder action against The Bank of New York.

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Canada's Office of the Superintendent of Financial Institutions has issued a regulatory notice containing a reminder that there are a number of reserved words, particularly those relating to banking, which may not be used without authority, in relation to financial services. It goes far beyond the use of the words in the name of businesses and will tighten up sloppy language in marketing and so-called social media. It might, also, inadvertently, make the point that "fintech" companies are not banks and do not afford consumers the protection that governments provide to bank depositors.

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This is such a massive topic that we can, today, do little more than make a placeholder article. How, one has to ask, does anyone "miss" tens of thousands of errors? We think it's probably not too difficult and banks, etc. should take note.

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There are two principles in the soft conversion of societies to various forms of centralised control, be that control from the left or right of politics, from vested interests or religion.

The first is the manipulation of language: using terms in ways that are inaccurate and, even, the direct opposite of what they truly mean.

The second is to give individual members of society the illusion that they have status, even a degree of control when in fact what they have is responsibility without authority.

Welcome to the worrying world of today's Compliance and Financial Crime Risk Officers.

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Below, free content, is my interview, given in May 2017 at the Thompson Reuters Regulatory Summit in Singapore, published today.

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It's frustrating just how fundamentally stupid some people can be.

In the aftermath of 11 September, 2001, the blame machine was hunting for excuses and part of it rightly fixated on funds transfers and, rightly, fixated on the unlicensed transfer systems which were lumped together under the Farsi name "hawala." Then stupid, ignorant people started trying to sound clever and instead of standing up to them and correcting them, others started to adopt their nonsensical, made up terminology. Now they want to include it in law.

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