Press Coverage

Stone & Chalk names resident start-ups – Australian Financial Review – 25/08/15 – Stone & Chalk, which is chaired by Westpac director Craig Dunn, has received more than $2 million in funding from the big end of town. Its foundation partners are: Allens, American Express, AMP, ANZ Banking Group, the ASX, Capital Markets CRC, FINSIA, Finzsoft (NZ), HSBC, IAG, IBM, KPMG, Macquarie Group, Oracle, Suncorp Bank, TAL, Thomson Reuters, Veda, Westpac Banking Corp and Woolworths. Read full article…

Finally, Stone & Chalk has opened its Australian fintech hubBusiness Insider Australia – 25/08/15 – Australian fintech hub Stone & Chalk is finally underway, opening its new Sydney office and revealing the first startups to join the community. It opens with 41 fintech startups, totalling 120 people, following an intense six-month selection process.“From the outset our aim has been to attract the highest quality fintech startups in Australia, co-locate them under one roof, and support fast tracking their growth to ultimately help them go global,” Stone & Chalk CEO Alex Scandurra said.  Read full article…

Founding residents of Stone & Chalk revealed – FinTech Business Stone & Chalk will comprise of 120 people in a 2,300 square metre “collaborative workspace”.  Former Barclays executive and Stone & Chalk chief executive Alex Scandurra said the aim of the hub is to fast track the start-ups’ growth and “help them go global”. “We have been inspired by the talent and diversity of the start-ups that have applied, and the potential to transform Australia’s multi-billion financial services sector,” Mr Scandurra said. Read full article…

Sydney fintech hub opens for business – Investor Daily – 25/08/15 – NSW Minister for Industry, Resources and Energy Anthony Roberts officially opened the Stone & Chalk hub last night. The initial start-up line-up spans a wide range of industries, from superannuation to predictive data analytics, as well as technologies, from consumer apps to cryptocurrencies, according to Stone & Chalk.

The foundation fintech start-ups include: Calibre Financial Technology, Crowd Money, easyshare, Ei8ht, Arctic Intelligence, Fincast, Foreign Exchange Central, FUNDEXA, Grow Capital, H2 Ventures, iDATS, Inamo, InstaReM, iungo.co, Macrovue, Mafematica, Metamako, Monetise, Moroku, Neu Capital, NexPay, Open Orbit, Ordermentum, Physi Secure, Piggy, Private Reporting, ProWise, Rental Cover, RainCheck, Reinventure, Simple KYC, SuperGuide, TradeFloor, VentureCrowd and Zetaris. Read full article…

Stone and Chalk opens with hopes to accelerate fintech growth in AustraliaStart-up Smart – 25/08/15 – Stone and Chalk, a new fintech hub that promises to help accelerate the development of Australian fintech startups, was unveiled in Sydney on Tuesday. “Digital disruption is transforming the financial services industry and there is much to be gained through greater collaboration between stakeholders in the fintech ecosystem. We are focused on brining to life our vision for Sydney’s fintech hub to support startups compete, thrive and lead on a world stage.” Stone & Chalk, Chairman Craig Dunn says. Read full article…

Stone & Chalk fintech hub opens today – KPMG – 25/08/15 Forty one of Australia’s highest potential fintech startups have been unveiled as Stone & Chalk opens its doors at 50 Bridge Street in Sydney’s CBD today. The Hon. Anthony Roberts, NSW Minister for Industry, Resources and Energy did the honours, officially opening the independent, not for profit fintech hub, which has ambitions to become the heart of fintech in Asia.

The inaugural 41 companies, totalling 120 people, have been selected following an intense six month process to identify world-class Australian fintech startups. Also revealed today is the 2300 square metre collaborative workspace that puts Australia squarely on the international map in the fast emerging fintech sector. Read full article…

Are financial crimes costing your business serious money? In a world first, Australian compliance ingenuity and technology enables businesses to rapidly and affordably audit and assess their risk exposure to financial crimes and then deliver actionable recommendations to undertake measures to eradicate these risks, minimising potential losses.

Every single day, major financial crimes, such as bribery, fraud, money laundering and tax evasion are committed costing businesses of all sizes billions of dollars per annum reaching unprecedented levels. Read full article…

Published Articles

General Risk Management

Risk Assessments – GRC Professional, Australian Compliance Institute – Winter 2014 – Anthony Quinn – Over the last few years, international regulators have tended to move away from traditional prescriptive regulation to risk-based approaches across a range of sectors and disciplines.  The risk-based approach offers organizations a number of benefits over traditional one-size-fits-all approaches, including the ability to focus resources on the areas of highest risk first.The risk-based approach recognizes that not all risks are the same and introduces the concept of proportionality, whereby organizations can introduce mitigating controls that are appropriate and proportionate to the identified risks.  This means that compliance can be achieved in the most cost-effective and efficient manner. Read full article…

What is the value to your clients of intelligent GRC software and will the day come when technology surpasses the human factor? – Round table – GRC Summer 2013-Risk-Management-Systems – Anthony Quinn – Over the last decade or so, most financial institutions will have made significant investment in risk management systems in response to regulatory requirements and as a result of operating in increasingly complex, global business environments.  However, systems alone are simply not enough.  The human factor is critical in effectively managing risk.  Read full article…

Money Laundering and Terrorism Financing

Australian AML laws in spotlight – GRC Professional – December ’14 – Anthony Quinn – When the AML/CTF Act, was first introduced in December 2006, there was a clause (s251) in the legislation that required a statutory review of the AML/CTF Rules after seven years to re-assess whether the AML/CTF regime was effective at reducing money laundering and terrorism-financing.Following a review of the AML/CTF rules earlier this year, which included an industry consultation process, AUSTRAC introduced new customer due diligence rules, which came into effect on 1 June 2014, and which are subject to an assisted compliance period, ending 31 January 2015, when all reporting entities must be fully compliant with the new rules. Read full article…

AUSTRAC reporting obligations for advisers – Kaplan Professional Development Series – April ’14 – Dr Hugh McDermott and Anthony Quinn – Financial advisers who offer designated services defined by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) have four key reporting obligations to the Australian Transaction Reports and Analysis Centre (AUSTRAC).These are to provide reports on: suspicious matters, threshold transactions and international funds transfer instructions, as well as annual AML/CTF compliance reports.  The obligations are backed up by mandatory procedures such as AML/CTF training for staff and ongoing customer due diligence.Despite the range of risk-mitigation systems and controls that financial advisers often have in place to combat money laundering and terrorism financing risks, one of the biggest challenges of complying with the AML/CFT Act is the ethical issue of reporting a client with whom they have a long relationship history and the source of ongoing fees and commissions, of suspected wrongdoing.  Read full article…

Understanding the AML/CTF Act – Kaplan Professional Development Series – March ’14 – Dr Hugh McDermott and Anthony Quinn – The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 was designed to protect the integrity of the Australian financial system by establishing a set of risk-based procedures and controls to reduce the risks to reporting entities, including financial institutions, from laundering the proceeds of crime.  It places an onus on service providers, such as financial advisers, to take certain measures to detect clients engaging in unusual or suspicious activities.

These risk-based procedures and controls include: setting up an AML/CTF program, appointing a money laundering reporting officer, conducting customer due diligence prior to offering designated services, watch list screening and ongoing monitoring of transaction activity; and where appropriate, the reporting of suspicious matters.  Read full article…

Sanctions

Money Laundering Bulletin December ’14 – Power Broking: Iranian Sanctions and Conflict in the Middle East – Paul Cochrane, featuring Anthony Quinn – Negotiations at the end of November on whether limited relaxation of sanctions on Iran should be extended into 2015 will be coloured not only by evidence of the country’s non-military nuclear intentions but also its role as a potential ally in the fight against Islamic State. Read full article…

Foreign Account Tax Compliance Act

Commercial Crime International July ’14 – Compliance is the big question as FATCA law enters force – Paul Cochrane, featuring Anthony Quinn – The United States’ Foreign Account Tax Compliance Act (FATCA) is to go into force on July 1. Aimed at curbing tax evasion by US citizens around the world, foreign financial institutions (FFIs) are required to report on US account holders, but over 200,000 FFIs and 123 countries have not yet signed up. This has raised issues about implementation, as certain non-compliant jurisdictions may try to attract US tax evaders. Read full article…

FATCA Round-Up – GRC Professional, Australian Compliance Institute – Spring 2013 – Anthony Quinn – There have been a number of interesting developments with regards to the Foreign Account Tax Compliance Act (FATCA).  FATCA, for the uninitiated, is a US law designed to increase reporting to the US Internal Revenue Service (IRS) of US taxpayers who hold financial accounts with Foreign Financial Institutions (FFIs). Read full article…

FATCA: IRS announce extension to implementation dates – GRC Professional, Australian Compliance Institute – Winter 2013 – Anthony Quinn – The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to use enhanced due diligence procedures to identify US persons who have invested in either non-US financial accounts or non-US entities.  The intent behind FATCA is to keep US taxpayers from hiding income and assets overseas.Most FATCA provisions were expected to take effect in the middle of 2013, but delays still persist.In July, just three days prior to the first deadline under the legislation, the US Internal Revenue Service extended most implementation dates for FATCA compliance for at least six-months.  Read full article…

FATCA:  The final regulations have landed – let the games begin, Thomson Reuters – 29 Jan ’14, Anthony Quinn – In January 2013, the United States Treasury Department released the final regulations relating to the U.S. Foreign Account Tax Compliance Act (FATCA) on the Federal Register.  The final regulations came almost 12 months after the proposed regulations were first issued for consultation.The final regulations cover 544 pages, the majority of which comprises sections 1471 to 1474 of the Internal Revenue Code (which is also referred to as Chapter 4).  Within the final regulations there are 115 pages alone dedicated to summarising the key changes that the U.S. Treasury Department has either adopted or chosen to overlook.  Read full article…

FATCA: Commencement date delay announced, Anti-Money Laundering Magazine – December 2013, Anthony Quinn  – On 24 October 2012, the Internal Revenue Service (IRS) released Announcement 2012-42 Timelines for Due Diligence and Other Requirements Under FATCA, which delays certain deadlines under the Foreign Account Tax Compliance Act (FATCA).In essence, the announcement provides new timelines for Foreign Financial Institutions (FFIs) and United States Financial Institutions (USFIs) to complete due diligence and certain other requirements.  Read full article…

FATCA:  Spotlight on the Model IGA, Anti-Money Laundering Magazine – October 2013, Anthony Quinn – In February 2012, when the US Treasury Department issued the proposed Foreign Account Tax Compliance Act (FATCA) regulations, it was accompanied by a joint statement by five European countries that announced their intention to become FATCA Partner countries by signing a memorandum of understanding (MOU) with the US Treasury Department.In late June 2012, Switzerland and Japan announced that they too would join the UK, France, Italy, Germany and Spain in becoming FATCA Partner countries but at that stage, apart from a brief MOU template, the precise details of what this would contain were vague.  Read full article…

FATCA:  The saga continues (part II), Anti-Money Laundering Magazine – August 2012, Anthony Quinn – Over the past few months, there has been a flurry of FATCA activity – including more than 110 submissions to the US Treasury Department from concerned industry groups, financial institutions, individuals and other lobby groups.  This culminated in a one-day public hearing held in Washington on 15 May.The IRS has also released further guidance on the FATCA registration process and issued drafts of the new W-8 BEN forms in addition to the inter-government agreements (IGAs) announcements between the US and Japan and Switzerland.Read full article…

FATCA:  The saga continues (part I)Anti-Money Laundering Magazine – May 2012, Anthony Quinn – Since the proposed FATCA regulations were issued on 8 February 2012, there have been quite a few people burning the midnight oil to digest and understand the draft regulations so that a formal response could be submitted to the US Treasury by the 30 April 2012 deadline.The next stage in the process was a public hearing being scheduled for 15 May in Washington to provide a platform for industry groups and others to have their voice heard.  Read full article…

FATCA:  Are we having fun yet?, Anti-Money Laundering Magazine – February 2012, Anthony Quinn – Anyone who has been involved in designing, building, deploying or ultimately managing an anti-money laundering and counter-terrorism financing (AML/CTF Program) and has lived to tell the tale will agree on at least one thing – what appears to be relatively straightforward in theory is a great deal more complex to implement in practice, such is the diverse and multifaceted nature of financial service businesses today. Six years on – and with many reporting entities still refining, tweaking, re-designing and enhancing their AML/CTF Programs – these same bodies are staring down the barrel of a potentially larger and more complex compliance program called the Foreign Account Tax Compliance Act (FATCA). Read full article…

Webinars

Key FATCA Implementation Challenges – 13 November 2015 – Anthony Quinn and Ross McGill – In this podcast, Ross McGill from T-Consult speaks to Anthony Quinn from Arctic Intelligence to explore the issues involved with implementing tax compliance programs, the key challenges of implementing FATCA and the risks of non-compliance.  The full series of withholding tax podcasts can be found on www.witholding-tax.info

LexisNexis – Emerging technology and its impact on GRC – 22 February 2013 – Anthony Quinn, Matthew Lawrence and Mark Dunn –This webinar was facilitated by Aaron Cleavely-Millwood and involved a discussion on the impacts of emerging technology in the Governance, Risk and Compliance (GRC) space and covered; Surveillance and Monitoring, New Payment Technology, Bring Your Own Device (BYOD), Big Data, Cyber Security and IP protection/Information privacy.

Anti-Money Laundering Magazine and the Australian Financial Markets Association (AFMA) – 24 November 2011 – FATCA and AML – The Hard Yards of Implementation – Anthony Quinn and Edward Doyle – This webinar was facilitated by Joy Geary and involves a discussion on the similarities and differences between the Foreign Account Tax Compliance Act (FATCA) and Anti-Money Laundering and Counter-Terrorism Financing (Act) and the challenges that Foreign Financial Institutions (FFIs) can expect to face during the design, build and implementation of FATCA compliance programs – Click here for the presentation.

Anti-Money Laundering Magazine and the Australian Financial Markets Association (AFMA) – 29 September 2011 – FATCA and AML – Anthony Quinn, Eileen Vuong and Neil Jeans This webinar was facilitated by Joy Geary and involves a discussion on the core obligations under the Foreign Account Tax Compliance Act (FATCA) and the expected impact on Foreign Financial Institutions (FFIs) including how existing AML capabilities can be leveraged to accelerate compliance – Click here for the presentation.

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