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Regulation

AUSTRAC has released a consultation paper relating to counter-money laundering regulations in the securities sector.

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As the US bill to roll-back the Dodd-Frank reforms that were designed, amongst other things, to stabilise banks to protect them from failure is sent to the President, who promoted it, for signature, BankingInsuranceSecurities.com points out one statistic that might indicate how successful Dodd-Frank has been and why the changes increase the USA's risk profile.

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Yesterday, the USA's President Trump announced that the US would leave the Joint Comprehensive Plan of Action a.k.a. the Iran Nuclear Deal. Below is a list of resources.

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We've been down this road before: Australian Securities and Investments Commission (ASIC) has taken action against auditors of self-managed
superannuation fund (SMSF).

Coupled with the evidence before the Royal Commission one thing is clear: ASIC's mandate is fundamentally flawed and a new model must be created ASAP, not ASIC.

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When Barnaby Joyce admits he was wrong, as he has done recently over his previous comments that a Royal Commission was appropriate to inquire into the management and practices of Australia's banks, it's obvious how things are going. It's starting to look as if the sector is going to get a huge shake-up - and the removal of many senior officers. One hopes they are replaced with competent bankers, not more recruits from consulting companies - or from the revolving door with government and quasi-government jobs.

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A correspondent asks "As a UK individual how do I report / alert the US authorities to the a craptocurrency used by employees and the Chairman of a group of companies with offices in St Louis, Missouri ?"

Here's the answer, and it explains differences between OFAC and FinCEN, etc. reports.

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Titled "PROPOSED CHANGES TO THE DFSA’S ANTI MONEY LAUNDERING, COUNTER-TERRORIST FINANCING AND SANCTIONS REGIME," the consultation paper was issued on 18 February 2018 and the consultation period ends on 24th March 2018.

Notes by Nigel Morris-Cotterill, The Anti Money Laundering Network

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In this article, Ajay Shamdasani , Thomson Reuters Regulatory Intelligence, takes soundings on what might be expected from the FATF's Mutual Examination of Hong Kong, the results of which are expected soon.

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

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This article, by Nigel Morris-Cotterill, was first published in September 2002. It is, in part based on a briefing to banks, etc, in London in November 2001 and draws attention to the effect of the money laundering, etc. provisions of the just in-force USA PATRIOT Act.

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The ICO, or initial coin offering, is causing furrowed brows at regulators. It's a fascinating concept and governments are split: should they regulate it on the hoof or, as China has done, ban it until they can work out what do to about it? Or should they pretend it's not happening?

All three approaches are being adopted.

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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.

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If someone describes themselves as an "expert" or a "thought leader" in relation to, let's say, financial crime or FinTech or even on-line banking, ask them this - and don't give them time to look up the answer: "what's Q-Coin?*" And, is Second Life about to get a second chance as a potential money laundering vehicle?

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Quietly, almost under the counter, the UK's Financial Conduct Authority is preparing itself for life outside the EU with a raft of agreements directly negotiated with regulators around the world.

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It might seem a bit of a stretch to suggest that Uber, the dating service for those with a car that isn't a taxi and those with a transport need has much to do with FinTech but a long-running battle first in Spain and then in the European Court of Justice makes a landmark decision that affects the provision of so-called "disruptive" technologies and although it's couched in complex legal terms, the opinion represents a victory for common sense - and potentially causes enormous problems in relation to some aspects of passporting. Financial regulators all over the world should take notice: this is how you should view FinTech if you want to avoid systemic problems, says Nigel Morris-Cotterill

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