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ASIC

A scam-spam has been received from the fake internet domain WESTEMUNION.COM

(see update, below)

BIScom Subsection: 

Ben Jayaweera, of Upper Mt Gravatt, has today appeared in the Brisbane Magistrates' Court charged with six counts of fraud involving approximately AUD5.9 million.

FCRO Subsection: 

Yesterday, we were supportive of Westpac in a case where adverse social reaction did not take account of the realities of the case. Today, they are getting a well deserved kicking from Beach, J in the Australian High Court. His Honour's language bordered in the intemperate in his obvious anger.

BIScom Subsection: 

Australia's Royal Commission into financial services has criticised the Australian Securities and Investment Commission (same word, different meaning) in relation to so-called enforceable undertakings. There is a problem but in part it's caused by factors outside ASIC's control.

BIScom Subsection: 

The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services.

BIScom Subsection: 

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.

BIScom Subsection: 

Hardly a day goes by without a report of bad conduct by one of Australia's banks. It's not as if there are many of them and the result is that each of them is in the news for all the wrong reasons on an increasingly frequent basis. This time it's ANZ with a classic of charging fees but providing no service.

Really. How is this different from someone knocking on the door of an elderly couple, telling them there's a hole in their roof and saying "I'll repair it for a price of X" but collecting the money and doing nothing?

BIScom Subsection: 

The fine might seem small at only AUD43,200 but insurance is all about trust and when car insurer RAA Insurance was investigated by ASIC, it was found to have misled customers in its advertising. Oddly, the case can be illustrated by reference to cricket and the Australian Grand Prix, both within the past few days.

BIScom Subsection: 

Brenton John Poynter of Baulkham Hills, NSW has been banned from providing financial services by Australian regulatorm, the Australian Securities and Investments Commission (ASIC). His offence is startling.

BIScom Subsection: 

It's going to cost ANZ about AUD5 million to compensate victims of the scheme that operated through the bank's Esanda car finance business. That's just part of what ASIC describes as "a package of regulatory actions against Australia and New Zealand Banking Group Ltd (ANZ)" But there's an anomaly of the kind that excites our colleagues on the financial crime publications group of PleaseBeInformed. But we got to this one first! Even more, the story looks like a simple management failure but on closer inspection it demonstrates a fundamental lack of attention to the most basic money laundering / terrorist financing KYC/CDD requirements. ASIC may think it's over. AUSTRAC needs to take a look.

BIScom Subsection: 

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