Knowledge hub for financial crime data for the benefit of business, government and law enforcement sectors.
The McGrathNicol Financial Crime Exchange (FCX) is a knowledge hub for financial crime data for the benefit of business, government and law enforcement sectors. It aims to reduce the risks and impact of financial crime in modern business by leveraging and applying past experience to contemporary business practice.
Financial crime cuts across all industry sectors and talks to the heart of business, culture, profitability, trust and confidence. McGrathNicol FCX aims to assist businesses in their understanding, awareness and identification of risks which undermine the successful operation of business. FCX also aims to reduce the risks and impact of financial crime in modern business by leveraging and applying past experience to contemporary business practice.
Criminal charges for senior CFMMEU official over alleged secret commissions
12 September 2019
Derek Christopher, a high-ranking Victorian building union official and offsider to CFMMEU chief John Setka, will be charged with allegedly receiving secret commissions. The charges stem from federal and state police investigations into allegations he received free labour and materials from building contractors to renovate his family home.
Australia’s new whistleblower regime
10 September 2019
The Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 became law on 1 July 2019. The legislation imposes a number of significant compliance obligations on all Australian corporations with additional obligations for publicly listed and large proprietary companies.
Former Ipswich mayor Andrew Antoniolli spared jail time over 'calculated and cunning' fraud
9 September 2019
Andrew Antoniolli misappropriated and fraudulently used the council's community donation fund to buy charity items over 12 years. He claimed it was accepted practice at the council to buy auction items with council donation funds. The magistrate sentenced Antoniolli to six months in prison, wholly suspended.
Botched Audits: Big Four Accounting Firms Fail Many Inspections
5 September 2019
In the most recent annual inspections of the U.S. arms of the Big Four for which the oversight board has reported results, inspectors found that each firm botched at least 20% of their audits. In some cases, they were so bad that the accounting firms had no business issuing opinions based on those audits.
Australian parents share fears for teens using cryptocurrency to buy drugs online
4 September 2019
A growing number of tech-savvy Australian teenagers – are using cryptocurrency and the dark web buy dangerous drugs without being traced. It has become so pervasive that NSW Police created a standalone Cybercrime Squad in 2018, tasked with fighting crime on the dark web.
Bank of Queensland, Bendigo and Adelaide Bank sued by ASIC over 'unfair' contracts
4 September 2019
Many banks have "non-monetary default" clauses in their loan contracts, particularly for business customers. ASIC is taking Bank Of Queensland, Bendigo and Adelaide Bank to court, alleging such clauses are unfair and should be unenforceable. There are no penalties for companies that include unfair terms in their contracts
Secret penetration tests, fines for banks under PayID security crackdown
3 September 2019
Australian banks and credit unions will have increased pressure to tighten controls and security PauID systems as their transactional systems are secretly penetration tested. This is to find deficiencies and stop fraud.
Report recommends powerful whistleblower protection body
3 September 2019
‘The Clean as a Whistle” report developed from one of the world’s largest whistleblowing studies calls for the creation of a joint central whistleblower authority, to provide support to people who report wrongdoing in both the public and private sectors.
Millennials are most vulnerable to bank fraud, report reveals
3 September 2019
The popularity of online banking has rendered millennials (18to34’s) as the generation most vulnerable to bank fraud according to a report from Lloyds Bank. On the other hand, those from the older generation aged 55 and over lose the most amount of cash. ASIC has revealed a “strategic change program” in an effort to curb bank outages, online fraud and data breaches.
Unwell and resigning: Woman’s email to boss after fraud totalling thousands of dollars was exposed
2 September 2019
Allison Egar, 45, was sentenced at Coffs Harbour District Court on Thursday for two counts of dishonestly obtaining property by deception. She created false invoices across a number of firms she worked for and abused their trust for years.
McGrathNicol’s Financial Crime Exchange (FCX) is currently collaborating with the University of New South Wales in a two year project to research occupational fraud in Australian business. Find out more about it here.