After a much long and at times unbearable wait, Federal Parliament has yesterday passed the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018 (BEAR Legislation). The BEAR Legislation amends the Banking Act 1959 to impose accountability, remuneration and notification obligations on authorised deposit-taking institutions (ADIs) and those in directorship and senior management
Treasurer wants BEAR by the start of next financial year
The Treasurer, the Hon Scott Morrison MP, has given his Second Reading Speech in the Parliament with respect to the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (BEAR Legislation) that introduces the Banking Executive Accountability Regime (BEAR).
In his speech, the Treasurer made no surprises except that his Government still intends
Australian financial institutions may see greater involvement in counter terrorism financing efforts
In light of today’s geo-political climate and public concerns over the threat of terrorist attacks, we see a trend of governments placing greater focus on countering the funding of terrorist groups. Indeed, the United Nation’s International Convention for the Suppression of the Financing of Terrorism, which Australia has ratified, has been in force since
Changing the digital currency game: new laws to regulate Bitcoin in Australia
Ever since the infamous Silk Road website was investigated and shut down by the US Federal Bureau of Investigation in 2013, and again in 2014, for facilitating the trafficking of illegal narcotics on the “darknet” using Bitcoin, the world of digital currencies has never been the same. Once upon a time Bitcoin was often used
Royal Commission into Misconduct in Financial Services
The much anticipated Royal Commission was no surprise to the Australian banking industry. What was surprising was the extension of its terms of reference to local and foreign deposit-taking institutions, life and general insurers, superannuation funds, as well as asset managers, financial planning businesses and all other holders of Australian financial services licences. Let there
Extending data protection protocols for financial institutions: A reminder to hold third party service providers accountable
Recent instances of cyber-attacks targeting third party service providers of government agencies and private sector organisations have coincided with the latest release of the Australian Cyber Security Centre (ACSC)’s 2017 Threat Report.
This report comes as a timely reminder of the ongoing digital threats to organisations, such as those in the financial services