Author: Brooke Benson

ASIC v Storm Financial: The Battle Has Ended

ASIC v Storm Financial: The Battle Has Ended The principals of Storm Financial, Emmanuel and Julie Cassimatis, have both just received civil penalties of $70,000 and a seven year disqualification from managing corporations. This is as a result of breaching their duties as directors and failing to ensure that the financial services which they were providing under their AFSL were provided efficiently, honestly and fairly. read more

Financial Service Updates: RG 259 and AUSTRAC's New Guidance Material

RG 259: It’s the Final Countdown Responsible Entities (REs) have just four weeks before ASIC's facilitative period for compliance with RG 259 comes to an end.  RG 259 clarifies ASIC's expectations in relation to REs fulfilling their risk management obligations and suggests that wholesale fund managers, managed discretionary account operators and IDPS operators would also benefit from the guidance. Although ASIC recognises that most REs have been read more

New Notifiable Data Breach Laws in Effect Today - What Does This Mean for Your Business?

Today marks the commencement of the Notifiable Data Breach (NDB) Scheme under the Privacy Act 1988 (Cth). All businesses must now be aware of their new obligations under the Privacy Act and more importantly, understand how to comply with them in order to prevent and deal with a data breach. read more

AML Rule Update

Background read more

Uber and Equifax – Data Breach Responses are Critical

Another week another data breach as Uber revealed that it had been the subject of a data breach which resulted in the theft of personal information of approximately 57 million users. With the ever increasing reliance on technology to deliver most consumer services, these breaches are almost impossible to completely prevent. However, your reaction to these breaches could save your business millions of dollars, and how you respond will soon be further read more