Resources

OTC Derivatives Client Suitability Assessment: AFCA’s Approach...

4 November, 2019 Xiaoshu Liu

An Australian Financial Services Licence (‘AFSL’) holder that is authorised to deal with retail clients is generally required to maintain a membership with the Australian Financial Complaints Authority (‘AFCA’). It is therefore important to understand how AFCA approaches its work when dealing with disputes between financial services organisations and their clients. We reviewed approximately 30 …

Certified Copy vs Scanned Copy of A Certified Copy

14 October, 2019 Xiaoshu Liu

There appears to be an increase in the acceptance of scanned copies of certified documents in recent years. This is understandable as it is much faster and easier to obtain a scanned copy than waiting for the physical certified document to arrive. However, I would be inclined to think that a scanned copy of a …

Wholesale Clients And KYC

8 October, 2019 Xiaoshu Liu

It is not uncommon to hear people say something along the line of “we only have wholesale clients. We don’t have to worry about AML stuff.” This article aims to bust this myth, and explain how reporting entities that deal with wholesale clients arguably need to be more vigilant in carrying out their Know Your …

Transaction Monitoring Program – A Missing Piece in The Puzzle...

27 September, 2019 Xiaoshu Liu

Reporting entities are increasingly more aware of their obligations to identify and verify their customers before providing them with any services. This process has also been made easier by the electronic verification solutions. In comparison however, a reporting entity’s ongoing Anti-Money Laundering and Counter-Terrorism Financing (‘AML/CTF’) obligations do not appear to have received sufficient attention. …

Commentary: Banks And Their AML Obligations

19 September, 2017 Xiaoshu Liu

AUSTRAC recently initiated legal proceedings against Commonwealth Bank of Australia on CBA’s alleged systematic breaches of its AML obligations. The incident has attracted a lot of media attention. Articles have merged in the past a few days basically blaming all the big banks for being involved in money laundering activities. Before we stamp all banks …

Compliance Review : Highlights of Regulatory Events in 2014...

17 February, 2015 Xiaoshu Liu

2014 is an eventful year when it comes to compliance. This article outlines the most significant regulatory events and updates of 2014 from the perspective of CFDs and FX providers. It should be noted that these events are relevant to a lot of other Australian Financial Services Licensees and Reporting Entities (REs) under the Anti-Money Laundering and Counter-Terrorism …

On The Topic of Fraud (Part Two): An Organisational Health Check...

20 January, 2015 Xiaoshu Liu

It is not uncommon for company senior executives to shake their heads at the mention of the word ‘fraud’. “No we don’t have that problem.” “Our people wouldn’t do that.” “Surely the procedures will take care of that” are among the typical responses. While larger organisations may be more vulnerable to fraud, it is safe …

On The Topic of Fraud (Part One): A Few Easy Steps To Help Protect You From Potential Fraudsters...

24 November, 2014 Xiaoshu Liu

Fraud cases flood the media these days and financial losses suffered by the victims can easily range anywhere between a few dollars and hundreds of thousands of dollars. The figures are much bigger for businesses. We become increasingly vulnerable to fraud due to the advances in technology and the easy access to personal information. This …