MyComplianceOffice Blog

It's been almost one year the Consumer Duty came into force, setting higher and clearer standards for consumer protection across the financial services industry. 31 July 2024 will be a milestone date, marking not just the anniversary of the Duty but also implementation for closed products and the first Board Report due date.

The Australian Federal Court recently issued a staggering $1.25 million penalty against a wholesale licensee. 

The Financial Institutions (Miscellaneous Amendments) Bill, or FIMA Bill, aims to enhance the abilities of the Monetary Authority of Singapore (MAS) to enforce its regulatory regime and supervise capital markets Financial Institutions (FIs).

The Combatting Foreign Bribery (CFB) Bill aims to reform Australia’s foreign bribery offences. It passed Federal Parliament on 29 February 2024 and will come into effect six months after the Governor-General formally accepts it and provides Royal Assent.

If the first stage of a pragmatic Know Your Obligations strategy is deconstructing and understanding compliance obligations to define where you need to keep your focus, the next step is mapping policies, procedures and controls to performance indicators to be able to accurately assure compliance.

Essentially, at this stage, we need to answer the question: What do we actually need to monitor?