Australian Financial Security Authority (AFSA)’s Post

FATF Removes Cayman Islands from Its Grey List In a significant development for financial regulation, the Cayman Islands have been removed from the Financial Action Task Force's (FATF) grey list. This decision carries far-reaching implications for the global financial sector, and it is essential for aspirants preparing for government exams, including positions in teaching, police, banking, #AML/CTF #CaymanIslands #FATF #Financialregulation #governmentexams

Stay steady and stay strong!   What is financial stability and what does it mean for Bermuda?   Think of financial stability as the harbour for Bermuda’s financial sector, providing safety from the waves of the economy. Picture a harbour and how it protects boats from inclement weather and the guardsmen that are present keeping a watchful eye on any potential threats.   Just as a boat is exposed to storms in open waters, without financial stability, the financial services sector is prone to risks. That is why the BMA supervises, regulates and inspects financial institutions operating in our jurisdiction to contribute to protecting Bermuda’s financial stability and help weather storms that may come our way! #FinancialServices #FinancialStability #BMA #BermudaMonetaryAuthority #Compliance #Regulation #Supervision

Secure Your Legacy – Using Power of Trusts in Wealth Management Checkout the Blog To Know More : https://lnkd.in/eBAhPgzk #wealthmanagement #trusts #secureyourlegacy #estateplanning #financialplanning #assetprotection #trustplanning #financialsecurity #cwmsahihai #aafm #aafmindia

Secure Your Legacy – Using Power of Trusts in Wealth Management Checkout the Blog To Know More : https://lnkd.in/eBAhPgzk #wealthmanagement #trusts #secureyourlegacy #estateplanning #financialplanning #assetprotection #trustplanning #financialsecurity #cwmsahihai #aafm #aafmindia

Deposit guarantee schemes (DGS) constitute an important element of the financial safety net. In my new article I analyze the evolution of the European financial regulation related to deposit insurers and the gradual extension of their mandates. The Crisis Management and Deposit Insurance (CMDI) reform in the EU will enhance the role DGS play in crisis management. The article discusses both the positive aspects as well as challenges related to this. The article is available in two language versions: English: https://lnkd.in/dWZGm2BX Polish: https://lnkd.in/dhbgvRCc

The U.S. Department of the Treasury has finalized updates to the rules governing the Federal surety bond program. The new rules add two classes of reinsurers and permit the use of letters of credit to protect risks exceeding the program’s 10% underwriting limit. Key Highlights: - New Reinsurer Classes: The rule introduces "Complementary Reinsurers" and "Alien Reinsurers" to provide credit for reinsurance. - Letters of Credit: Treasury will accept letters of credit to protect risks exceeding the 10% underwriting limit. - Effective Date: The rule will take effect on August 9, 2024. Access the full-text of the rule here - https://lnkd.in/eZWbkD3v Follow Global Regulatory Insights for more updates on regulatory changes and their implications. #RegulatoryUpdates #Compliance #FinancialRegulation #GRI

WATCHLIST: #Australia will spend $166M to shore up its #AML defences in a bid to stay of #FATF's 'grey list,' the country admitted today (Monday). “Australia is now one of only five jurisdictions out of more than 200 that do not regulate tranche-two entities – #lawyers, #accountants, #trust and company service providers, real #estateagents and dealers in precious metals and stones,” Attorney General Mark Dreyfus said. “This is placing Australia at risk of being ‘grey-listed’ by the Financial Action Task Force (FATF), which could result in significant harm to our economy,” he admitted. We report on the story today on 'AML Intelligence.' Are you #Compliance #FCC #AFC professional in #banking #banks #fintech #finreg #regtech and still not an 'AML Intelligence' Member? Don't miss out on the latest #regulatoryintelligence. Visit our homepage and join today! #followthemoney #cft #kyc #cdd #1LOD AUSTRAC Stephen Rae James Treacy Alisha H.

Many Malaysians’ without RM1000 savings for emergencies due to shot-term mindset in financial management - BNM governor #latest #vanakkammalaysia #ManyMalaysians #withoutRM1000 #savings #emergencies #shottermmindset #financialmanagement #BNM #governor #trendingnewsmalaysia #malaysiatamilnews #fyp #vmnews #foryoupage

Many thanks to the The World Bank Center of Excellence on Cooperative Financial Institutions (CFIs) for having World Council of Credit Unions (WOCCU) International Advocacy and Regulatory Counsel Erin O'Hern on their webinar this morning - "How to Strengthen CFIs and Their Regulatory Environment." Erin emphasized the importance of cooperation among institutions in building a suitable regulatory environment that emphasizes safety and soundness, but also the flexibility CFIs need to thrive.  #creditunions #cfi #cooperativefinance #worldbank

In the financial services landscape, transparency and compliance are paramount. Australian Financial Services Licence (AFSL) holders play a crucial role in upholding these standards. Under the Corporations Act, it’s mandatory for AFSL holder to incorporate their ABN/ACN and AFSL number on all public documentation including websites. This requirement is not merely bureaucratic, it is a cornerstone of consumer protection and regulatory transparency.    By prominently displaying this information, AFSL holders instil trust and confidence in their clients, signalling adherence to legal requirements and commitment to ethical conduct. However, effective disclaimers and a comprehensive framework are also essential.    Effective disclaimers mitigate legal risks, clarifying the limitations of services offered and potential risks involved. A robust compliance framework ensures consistent adherence to regulatory mandates, safeguarding against inadvertent breaches and reputational damage.    Incorporating ABN/ACN and AFSL numbers, alongside robust disclaimers and compliance protocols, demonstrate integrity, professionalism, and dedication to client welfare. In an industry built on trust, these practices are indispensable for fostering enduring relationship and upholding the integrity of the financial services sector.    To learn more on how King Irving can assist you in meeting your compliance needs, please visit www.kingirving.com   #FinancialServices #Compliance #RegulatoyTransparency #AFSL #LinkedIn