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UK failure to prevent fraud offence: What do you need to do now?
A new “failure to prevent fraud” offence has been introduced as part of the Economic Crime and Corporate Transparency Act (the Act).
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Australia | Publication | October 2022
The federal government announced late last week it will introduce amendments to the Telecommunications Regulations 2021 designed to allow telecommunications entities that have suffered a data breach to share data of affected customers with all APRA-regulated financial institutions, except branches of foreign banks. The data sharing is intended to enable the financial institutions to provide enhanced monitoring and safeguards to protect their customers from fraud and other financial harm.
The data-sharing scheme is elective: financial institutions can choose to participate. Doing so may allow a financial institution to provide better outcomes for its customers, but the financial institution must meet certain criteria to take part. While we are still awaiting the detailed regulations to be published imminently, the various press releases have provided high level detail on what financial institutions may be able to receive in the near future.
All APRA-regulated financial institutions are eligible, except branches of foreign banks.
The government’s amendments of the regulations to facilitate such cross-sectoral data sharing for the purpose of customer protection is an unprecedented move in the face of the scale of the Optus breach. While many financial institutions may wish to avail themselves of the option, the above requirements are significant and any organisation attempting to do so will need to ensure that it has adequately and appropriately established the relevant governance and suitable systems, processes and controls to protect customer data. Our Digital Operations, Cyber Risk and Financial Crime Risk Advisory team would be happy to assist should your organisation wish participate in the scheme.
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A new “failure to prevent fraud” offence has been introduced as part of the Economic Crime and Corporate Transparency Act (the Act).
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On April 11 - 12, Luxatia International held the 4th World Legal Operations Summit in Berlin. Tom Evans, senior consultant in our Legal Operations Consulting Team, shared his tips for driving effective change management and leading successful transformation projects.
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On May 14, 2024, Lena Haffner, Innovation Lead Germany at Norton Rose Fulbright, shared her insights on “How do you make a law firm AI ready?" at Legal Revolution 2024, one of Europe’s leading conferences in legal innovation and technology. Her lecture focused on developing a comprehensive roadmap for integrating AI into law firms, emphasizing the importance of developing a robust AI strategy and fostering an innovation-ready culture. Key topics covered in the lecture included strategic planning, skills development, multidisciplinary teamwork, and strong AI governance.
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