SkyCity Entertainment bracing for nearly $50M in AML penalties
Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism obligations in Australia and New Zealand.
IAG appoints group general counsel
Insurance Australia Group announced the appointment of Robert Cutler as group general counsel. Separately, IAG New Zealand confirmed Rachael O’Brien as chief risk officer.
CFTC lauds Australian swap dealer’s cooperation in $500K enforcement
The Commodity Futures Trading Commission ordered an Australian swap dealer to pay $500,000 over admitted supervision failures related to a deficient spoofing surveillance tool.
PwC fined $2.75M by PCAOB for independence process breakdowns
Big Four audit firm PwC was assessed a $2.75 million penalty by the Public Company Accounting Oversight Board for failures in its auditor independence processes related to a 2018 engagement.
New Zealand banks to report material cyber incidents within 72 hours
The Reserve Bank of New Zealand added new reporting requirements for its member banks to follow if they suffer a material cyber incident and for all types of cyberattacks.
Bank of Sydney names risk chief
Australia-based Bank of Sydney announced the appointment of Kieran McKenna as chief risk officer.
Westpac ordered to pay $1.2M in insider trading case
Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission of insider trading related to an interest rate swap transaction.
Vitro Biopharma adds Crown Resorts legal, compliance chief to board
Biotechnology company Vitro Biopharma announced the appointment of Anthony Pearl, the chief legal and compliance officer of Australian gaming and entertainment group Crown Resorts, as an independent director to its board.
Ethical compliance for facial recognition technology
The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.
IAG appoints interim group general counsel
Insurance Australia Group appointed Karen Ingram as interim group general counsel.
PwC Australia announces new general counsel
Accounting firm PwC Australia announced the appointment of Kylie Gray as general counsel.
FinTech Australia adds Birchal legal chief to board
Advocacy body FinTech Australia added Kellie Morton, chief legal officer and director at Birchal, to its board.
Australia seeks help from businesses under ‘bold and ambitious’ cyber strategy
Australia released an updated cybersecurity strategy that will rely more heavily on public-private partnerships to support the country’s cyber defense efforts.
CSL promotes senior vice president to chief sustainability officer
Australia-based global biotechnology company CSL announced the promotion of Jeffrey Ball as its first chief sustainability officer.
SkyCity Entertainment reserves $29M for pending AML/CFT fine
Australian gaming company SkyCity Entertainment Group disclosed it reserved AUS$45 million (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism law.
PwC Australia removes chief risk officer after tax scandal review
PwC Australia exited eight partners, including its former chief risk and reputation officer, following an investigation into the sharing of confidential government tax policy information at the firm.
APRA pressures Medibank on cyber enhancements post-breach
The Australian Prudential and Regulation Authority will require Medibank Private to hold 250 million Australian dollars (U.S. $166 million) in extra capital until the insurer remediates identified cybersecurity weaknesses after a significant data breach.
Crown Resorts agrees to pay $292M over AML/CFT violations
Crown Resorts agreed to pay 450 million Australian dollars (U.S. $292 million) and overhaul its anti-money laundering and combating the financing of terrorism compliance controls for repeatedly violating Australia’s AML/CFT law.
SEC charges three Austal USA execs with accounting fraud
Three executives at the U.S. subsidiary of Australian defense contractor Austal Limited were charged with accounting fraud for allegedly participating in a three-year scheme to lower cost estimates and prematurely book revenue.
Tower Insurance appoints chief risk officer
New Zealand-based Tower Insurance announced the appointment of Sharyn Reichstein as chief risk officer.
Spirit Super names chief risk officer
Australia-based financial services company Spirit Super appointed Will Sadler as chief risk officer.
The Star Entertainment Group names chief risk officer
Australian gaming company The Star Entertainment Group announced the appointment of Scott Saunders as chief risk officer.
Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
ASX appoints chief compliance officer
The Australian Securities Exchange announced the appointment of Daniel Moran as chief compliance officer, effective Jan. 1, 2023.
Australia privacy law proposal sets steep penalty mark for breaches
The Australian government is weighing stringent new privacy reforms that would establish among the steepest penalty regimes in the world—up to AUD$50 million (U.S. $33.5 million)—for serious or repeated breaches.
Australia’s Star casino fined record $62M over money laundering scandal
The Star Entertainment Group, operator of Australia’s second largest casino, was penalized a record AUD$100 million (U.S. $62 million) by the country’s casino regulator for failures to prevent money laundering at its Sydney location.
Cyber risk management lessons from Optus data breach
The Optus data breach should serve as a reminder for all organizations that cybersecurity incidents are serious business risks that are costly to make right.
Effective collaboration key to fight against financial crime
The Fintel Alliance—a partnership involving AML regulator AUSTRAC, Western Australia Police, and analysts from a handful of large banks—provides an example of the positive outcomes of collaboration in fighting financial crime.
Optus data breach fallout shows widespread impact of cybercrime
Optus isn’t alone in trying to calm public nerves and find out what happened to cause a breach that exposed the records of 9.8 million current and former customers. Australian government agencies are also attempting to fight fires and reassure citizens their personal info is safe.
Google fined $42M for misleading Australian customers on data collection
Google was ordered to pay 60 million Australian dollars (U.S. $42 million) to resolve charges levied by Australia’s competition regulator it misled its Australian customers about how to opt out from the collection of their personal location data.
Westpac NZ names chief risk officer
Westpac New Zealand announced the appointment of Dirk McLiesh to the role of chief risk officer, effective Aug. 15.
Report: Westpac New Zealand progressing on risk culture improvements
An independent report ordered by the Reserve Bank of New Zealand into Westpac New Zealand has found the bank is “moving in the right direction” in addressing risk culture deficiencies.
Toll Holdings to pay $6.1M for widespread sanctions violations
Toll Holdings, an international freight forwarding and logistics company, has agreed to remit more than $6.1 million as part of a settlement with the Office of Foreign Assets Control resolving nearly 3,000 apparent violations of Iran, North Korea, and Syria sanctions.
Westpac combines risk, compliance leadership; hires Ryan Zanin as chief risk officer
Australian bank Westpac announced it will combine the leadership of its risk and compliance divisions into one position under Ryan Zanin, who joins after most recently serving as executive vice president, chief risk officer at Fannie Mae.
Leaders at BlackRock, SSGA set tone for ESG-focused 2022
The chief executives of BlackRock and State Street Global Advisors earlier this month published their annual letters highlighting topics of importance for the coming year, with climate action and social issues clearly remaining top of mind for both.