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GRC Professional : GRC Spring 2011
8 grc professional • Spring 2011 8 grc professional • Spring 2011 news ComPetition ACCC appeals metcash ruling new reporting obligations Since 1 October 2011, reporting entities in Australia have been required to report the details of the individual of a customer of a threshold transaction to the anti- money laundering regulator, AUSTRAC. In addition, AUSTRAC is replacing the previous electronic and paper threshold transaction report (TTR) forms with new versions. These new forms contain additional questions in relation to the individual conducting the transaction. All threshold transactions must now be reported on the October 2011 TTR forms. Also, from 1 November 2011 the AML/CTF Act will require providers of remittance services (remitters) to apply to be registered with AUSTRAC. BRiBeRY, CoRRuPtion And FRAud Rogue trader causes $2 billion loss Swiss bank UBS says a rogue trader has caused an estimated $2 billion loss. The British press has named the man as 31-year-old Kweku Adoboli, a Ghanaian- born director of Exchange Traded Funds in the equities department. He was reportedly arrested at his desk in the middle of the night and is now being investigated by police. The news comes just a year after the fraud conviction of Jerome Kerviel, who lost French bank Societe Generale almost $7 billion. PRoduCt news launch of Boardvantage FinAnCiAl seRviCes hong kong issues guidance on credit reference agencies The Hong Kong Monetary Authority (HKMA) has issued a guidance module on the sharing and use of consumer data through a credit reference agency. The guidance follows public consultation of the sharing of mortgage data for credit assessment. Among the guidance is the requirement for authorised institutions (AIs) to “seek the prescribed consent of their existing mortgage customers and mortgage loan applicants before uploading their pre-existing mortgage data to the credit reference agency”. Legal firm Blake Dawson has launched a new product, BoardVantage, that enables board papers to be delivered via the iPad. BoardVantage has been developing their board portal software for over 10 years, however the introduction of the iPad has enabled the software to be transformed into a highly sophisticated, secure mobile app. Julian Fenwick, CEO of Blake Dawson Technology, says the app doesn’t just replace paper, it is better than paper. “It allows directors to easily drill down into information in ways that were not possible before,” he says. “The recent Centro case has shown the need for directors to be able to question what is presented to them and to have continual access to company information – not just a board pack couriered at the last possible date before the board meeting.” The Federal Court has decided not to grant the Australian Competition and Consumer Commission (ACCC) an interim injunction to restrain Metcash from acquiring the Franklins supermarket business until a full appeal is heard and determined. However, the court expedited the appeal hearing, setting it down on 24 October, to be heard over three days. The ACCC filed an appeal on Friday 9 September 2011 against the Federal Court's judgment dismissing the ACCC's application to prevent Metcash from acquiring the Franklins supermarket business. The ACCC has said that the $215 million merger of the 80 Franklins stores would have the effect of substantially lessening competition in the market for wholesale supply of packaged groceries in NSW and the ACT. Anti-moneY lAundeRing
GRC Summer 2012