LAB Group

LAB’s November Compliance Radar is live! This month we’re covering two updates from ASIC. A worrying rise in share sale fraud has prompted ASIC to urge increased vigilance. Market intermediaries should review their account opening and customer due diligence controls. It’s particularly important to manage the new ways fraudsters attempt to circumvent these protections. For example, a VPN detector can warn staff of an application made via a VPN, which may be used to spoof credentials. ASIC has also released new requirements for ongoing fee arrangements (OFA). This adds a necessary layer of administration to those who provide personal advice to retail clients.? ? **About the Compliance Radar** LAB Group continuously monitors the financial services industry landscape for relevant regulatory change. This ensures our product keeps pace with industry needs and regulations. The Compliance Radar, published monthly, allows us to share these useful insights with our networks. Read the full Compliance Radar on our website here: https://lnkd.in/gimvvkEN Nick Boudrie, Jason Marsham, Simon Teong, Elliot Krass Nathanael Johnstone, Lyndon Webster, Marnie Shervey, Sharne Webster #AML?#CTF?#globalcompliance?#compliancemanagement?#globalcompliancesolutions?#complianceofficer?#labnetwork?#labplatform?#saas?#fintech?#banking?#regtech?#innovation?#technology?#fintechinnovation?#fintechnews?#fintechindustry?#financialservices?#digitaltransformation

It’s been a big month in the world of privacy and cybersecurity, all covered in this month’s Compliance Radar, now live on our website. Here’s the top line: +??Data breaches have surged in the first half of 2024, the highest figures in nearly four years according to the OAIC. +??The newly introduced Privacy and Other Legislation Amendment Bill 2024 has a smaller scope than expected. +??AUSTRAC has released guidance on meeting your AML/CTF obligations when outsourcing. **About the Compliance Report**? LAB Group continuously monitors the financial services industry landscape for relevant regulatory change. This ensures our product keeps pace with industry needs and regulations. The Compliance Report, published monthly, allows us to share these useful insights with our networks. Read the full Compliance Report on our website here: https://lnkd.in/gDxwbsSs Nick Boudrie, Jason Marsham, Simon Teong, Elliot Krass, Nathanael Johnstone, Lyndon Webster, Marnie Shervey, Sharne Webster To become part of the most connected digital onboarding and client life cycle management platform, speak with LAB Group's expert team or book a demo – https://lnkd.in/gutuJqpV #AML #CTF #globalcompliance #compliancemanagement #globalcompliancesolutions #complianceofficer #labnetwork #labplatform #saas #fintech #banking #regtech #innovation #technology #fintechinnovation #fintechnews #fintechindustry #financialservices #digitaltransformation

September’s Compliance Radar is live: + More progress made on the AML/CTF Amendment Bill to simplify and modernise the regime and bring 'Tranche 2' entities into its scope. + ASIC report on banks’ anti-scam practices shows significant variability in the maturity of scam strategies and governance. + APRA suggests processes in many organisations could limit the usefulness of data backups after cybersecurity incidents. To read the full Compliance Report, including a summary of APRA’s Essential Eight cyber mitigation strategies, go to: https://lnkd.in/g9gxkrPP. About the Compliance Report: LAB Group continuously monitors the financial services industry landscape for relevant regulatory change. This ensures our product keeps pace with industry needs and regulations. The Compliance Report, published monthly, allows us to share these useful insights with our networks. Nick Boudrie, Lyndon Webster, Elliot Krass, Simon Teong, Jason Marsham, Marnie Shervey, Sharne Webster, Nathanael Johnstone #AML #CTF #globalcompliance #compliancemanagement #globalcompliancesolutions #complianceofficer #labnetwork #labplatform #saas #fintech #banking #regtech #innovation #technology #fintechinnovation #fintechnews #fintechindustry #financialservices #digitaltransformation #EssentialEight

LAB Group continuously monitors the financial services industry landscape for relevant regulatory change to inform our product development.?? Key updates from LAB's August Compliance Radar are outlined below: AUSTRAC: Combatting the exploitation of international students as money mules AUSTRAC recently published a guide on combatting the exploitation of international students as money mules. Criminal networks often purchase bank accounts and identification details from foreign students who are either finalising their study and about to leave Australia, or as a means for them to earn money while in Australia. Criminal networks then use these accounts and identities to launder funds and create new banking customer profiles and accounts across multiple financial institutions. The guide lists some financial indicators that reporting entities could build into their AML/CTF Program and monitoring activities. AUSTRAC: Draft Rules AUSTRAC has released proposed amendments to Chapters 4 and 15 of the AML/CTF Rules for public consultation. AUSTRAC is proposing these amendments to provide for a definition of ‘nominee of a custodian’ which will apply the same relief from collecting and verifying trust-related information afforded to customers who are custodians, to customers who are nominees of custodians.?Submissions on the draft rules are due by 16 August 2024.? ? ? To become part of the most connected digital onboarding and client life cycle management platform, speak with LAB Group's expert team or follow the link to book a demo - https://lnkd.in/gutuJqpV ?? ?? LAB Group Nick Boudrie Jason Marsham Simon Teong Elliot Krass Nathanael Johnstone? Lyndon Webster Marnie Shervey Sharne Webster?? ?? ?#AML?#CTF?#globalcompliance?#compliancemanagement?#globalcompliancesolutions?#complianceofficer?#labnetwork?#labplatform?#saas?#fintech?#banking?#regtech?#innovation?#technology?#fintechinnovation?#fintechnews?#fintechindustry?#financialservices?#digitaltransformation?

LAB Group continuously monitors the financial services industry landscape for relevant regulatory change to inform our product development.?? Key updates from LAB's July Compliance Radar are outlined below:? ?? AUSTRAC releases two national risk assessments? ? These risk assessments provide a collective understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia. AUSTRAC CEO Brendan Thomas said “I encourage businesses to read them, understand how they might be exposed and ensure they have the necessary AML/CTF measures in place.” Refer?Money Laundering in Australia: National Risk Assessment?https://lnkd.in/gU2_3uMa and?Terrorism Financing in Australia: National Risk Assessment?https://lnkd.in/gKCRmBq7 ? ASIC reminds AFS licensees: share sale fraud? ? In its latest Market Integrity Update?Issue 160 – June, https://lnkd.in/g9WzzcQm ASIC?(https://lnkd.in/gQGqStV5) reminds AFS licensees that deal in securities that they may be vulnerable to share sale fraud, which LAB has previously reported on?here.https://lnkd.in/gP32pg_s ? One safe measure recommended by ASIC to help prevent the occurrence of one-off share sale fraud is the comparison of the geographical location of the IP address used to submit an application with the physical address of prospective applicants. A Virtual Private Network (VPN) provides online privacy and anonymity by creating a private network from a public internet connection. See LAB's article?Why VPN Detection Matters in Digital Customer Acquisition.?https://lnkd.in/gTcFA9F9 ? ? To become part of the most connected digital onboarding and client life cycle management platform, speak with LAB Group's expert team or follow the link to book a demo - https://lnkd.in/gutuJqpV?? ?? LAB Group Nick Boudrie Jason Marsham Simon Teong Elliot Krass Nathanael Johnstone? Ben Batchelor Lyndon Webster Marnie Shervey Sharne Webster?? ?? ?? ?#AML?#CTF?#globalcompliance?#compliancemanagement?#globalcompliancesolutions?#complianceofficer?#labnetwork?#labplatform?#saas?#fintech?#banking?#regtech?#innovation?#technology?#fintechinnovation?#fintechnews?#fintechindustry?#financialservices?#digitaltransformation

LAB Group continuously monitors the financial services industry landscape for relevant regulatory change to inform our product development.?? Key updates from LAB's June Compliance Radar are outlined below:? ?? Scam-Safe Accord? ? LAB Group welcomes Australia’s new Scam Safe Accord; a proactive, bank-led initiative to prevent scams and protect customers from being defrauded of their money. In brief, the accord’s 6 initiatives include: stronger confirmation of payee, increased warnings, payment delays, biometric checks, threat intelligence sharing and better oversight of scam detection and response — with a complete anti-scam strategy. LAB Group's onboarding framework has a range of fully integrated features designed to reduce fraud and combat scams including biometric face verification, electronic identity verification, automated risk assessments and device intelligence. Reach out to LAB to discover how we can assist.? ? To become part of the most connected digital onboarding and Client life cycle management platform, speak with LAB Group's expert team or follow the link to book a demo - https://lnkd.in/gutuJqpV? LAB Group Nick Boudrie Jason Marsham Simon Teong Elliot Krass Nathanael Johnstone Ben Batchelor Lyndon Webster Marnie Shervey Sharne Webster #AML?#CTF? #Clientlifecyclemanagment #globalcompliance?#compliancemanagement?#globalcompliancesolutions?#labnetwork?#labplatform?#saas?#fintech?#banking?#regtech?#innovation?#technology?#fintechinnovation?#fintechnews?#fintechindustry?#financialservices?#digitaltransformation

On Thursday the team at LAB Group will be at Fintech Marketplace in Sydney. You can book through the Fintech Marketplace app to meet Nick Boudrie, Lyndon Webster, Simon Teong, Elliot Krass and Nathanael Johnstone #LABGroup #Clientlifecyclemanagement #Fintech #Sydney #KYC #AML

Come and Join LAB Group at Money20/20 this afternoon in Amsterdam. As part of the Austrade delegation we would like to invite you to visit us at the Australia Stand 1G70 from 3.30pm for networking drinks organised by Global Victoria. Jason Marsham and Ben Batchelor will be there to see you!

Join LAB Group at Money20/20 next week in Amsterdam. LAB Group will be part of the Austrade delegation stand and you can meet both Jason Marsham and Ben Batchelor in person. Contact them via the Money 20/20 app to book in a meeting time at this event. #Money2020EU #LABgroup #clientlifecyclemanagement #KYC #AML #regtech

LAB Group continuously monitors the financial services industry landscape for relevant regulatory change to inform our product development.??? Key updates from LAB's May?Compliance Radar are outlined below: https://lnkd.in/gf8J4_-9 AML reforms LAB welcomes the Attorney-General Department's announcement of the long-awaited second round of consultation on proposed reforms to Australia’s AML/CTF regime.? LAB provided a submission to the first round of consultation in April 2023, and will again be contributing to shaping these important reforms.? A series of consultation papers, Reforming Australia’s anti-money laundering and counter-terrorism financing regime are now available on the Attorney-General’s Department’s? Consultation Hub.?? Consultation will close on 13 June 2024. AUSTRAC issues infringement notices LAB reminds its customers to diarise regulatory lodgements as AUSTRAC has issued eight infringement notices for reporting failures as required by the AML/CTF Act.? The infringement notices related to failures to report the 2022 annual compliance report.? While the majority of the 17,000 businesses AUSTRAC regulates submitted their compliance reports, AUSTRAC CEO Brendan Thomas says ensuring that businesses are compliant and using enforcement measures to guarantee this, is all part of safeguarding Australian communities from serious crime.? ? To become part of the most connected digital onboarding platform, speak with LAB Group's expert team or follow the link to book a demo - https://lnkd.in/gutuJqpV?? ?? LAB Group Nick Boudrie Jason Marsham Simon Teong Elliot Krass Nathanael Johnstone? Ben Batchelor Lyndon Webster Marnie Shervey Sharne Webster?? ?? NWR Communications Tim Dohrmann?? ?? #AML?#CTF?#globalcompliance?#compliancemanagement?#globalcompliancesolutions?#complianceofficer?#labnetwork?#labplatform?#saas?#fintech?#banking?#regtech?#innovation?#technology?#fintechinnovation?#fintechnews?#fintechindustry?#financialservices?#digitaltransformation? ?