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As Australian home-builder Collier Homes goes into liquidation, it's time to question, both in Australia and in other countries, whether purchasers should be required to make payments, beyond a reservation deposit, on new builds. Major reform is needed.

Editorial Staff
BIScom Subsection: 

Purported sender: admnsh @ ccu.edu.tw
Standard Bank
Subject Receipt Of Deposit Transaction 6th Of October, 2016
Originating IP address: 140.123.206.217
Attachment: ATTACHMENT...E_NOJS.htm

Editorial Staff
BIScom Subsection: 

A spam-scam, phishing exercise is circulating and it is unusual in that the purported outgoing e-mail address appears genuine.

Editorial Staff
BIScom Subsection: 

In the past few hours, a high-volume phishing scam, purporting to be from Bank Negara Malaysia, has hit inboxes. That is it a scam is without doubt: the outgoing addresses are all, in common with many such scams, .edu addresses. They contain a PDF file, BNM.pdf, as an attachment which does not trigger anti-virus warnings when it is delivered to inboxes.

Editorial Staff
BIScom Subsection: 

The decision by US messaging service WhatsApp to allow its parent company, Facebook, access to user's data raises enormous questions for compliance and ethics teams in financial institutions, law firms and many other businesses. Should Compliance Officers now ban the use of WhatsApp for both transactional messaging and communications with clients? And should data protection registrars now issue warnings as to the release of client-related data? In fact, should the app now be banned entirely from all mobile devices used in any way for work purposes?

Editorial Staff
BIScom Subsection: 

In July 2010, Euromoney reported "regulators in Gibraltar say they shut [Reincarnation Bank] down, it subsequently re-emerged six months later." It's had a checkered history, but today, you can still visit a website with that name.

Editorial Staff
BIScom Subsection: 

The announcement by the US Treasury that it was implementing financial sanctions against North Korea should make no difference to most properly advised financial organisations.

Editorial Staff
BIScom Subsection: 

While Hong Kong's Securities and Futures Commission was investigating a case of suspected insider dealing, it traced funds to a clients' account by a third party, innocent, broker. The SFC has ordered the broker to block access to those funds and assets represented by part of the funds. There is something unusual about the process.

Editorial Staff
BIScom Subsection: 

A former director and in-house counsel of Australia's Provident Capital Limited, promoters of the Provident Capital Monthly Income Fund, a defunct investment company, is the latest to be subject to sanctions arising out of the collapse of the company.

Editorial Staff

ASIC has cancelled the Australian financial services (AFS) licence of Winley Insurance Group Pty Ltd (Winley), a Perth-based general insurance brokerage for failing to comply with a number of its key obligations as a financial services licensee, in particular failures to file regulatory reports as required.

Editorial Staff

It's supposed to be one of the primary alternatives to using banks for money transfer but an experience in trying to send and receive money using global remittance companies Western Union and MoneyGram has shown that the services does not live up to the hype.

Editorial Staff

For too long, those who have a narrow view of how money laundering related matters should be policed and enforced have made ill-informed criticism of Singapore. Primarily originating from the USA's complaint that Singapore does not prosecute enough money laundering offences, the criticism was amplified by the influx of money relocated from, first, Switzerland and then Dubai. Nigel Morris-Cotterill says that the USA should take notice of how Singapore has dealt with BSI Bank.

Nigel Morris-Cotterill

Recent changes to the Lloyds Banking Group's internet banking platforms have led to customers of the international bank registered in Jersey and regulated in Jersey, Guernsey and the Isle of Man with a sister company in Gibraltar being unable to locate information on services or to apply for services on-line.

Editorial Staff

Following the closure of BSI Bank Limited for persistent and senior failures in money laundering controls and failures to comply with regulatory failures (http://www.financialcrimerisko...) MAS has named the six bankers it has referred to the Public Prosecutor for investigation as to possible criminal offences. MAS has also served notice of financial penalty on the bank.

CoNet Administrator

Basheer Ahmad Maula Sahul Hameed was jailed on 20 May 2015. the 24 year old mechanic conspired with his wife, Nur Shila Kanan, a bank officer to access, the bank accounts of several people who are missing aboard flight MH370.

Editorial Staff
BIScom Subsection: 

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