News Pulse for September 4, 2017

A daily download of SME, startup, fintech and tax news from around Australia.

Beware the BEAR: regulation may go beyond banks

If you work in the financial services sector listen up; you could be next on the federal government’s hit list.

Canberra is pushing ahead to legislate its Banking Executive Accountability Regime by October, where senior managers within banks are held personally accountable for their actions and those of their staff, should something in their area go wrong. It’s a significant shift from corporate accountability to individual accountability.

CBA was ‘aware’ of risk shortfall

The crisis facing Commonwealth Bank has widened, after it confirmed the existence of an explosive internal review of large gaps in its global transaction monitoring compliance, which Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 said was evidence of “further serious matters” facing the nation’s largest bank.

The internal review of the bank’s compliance with Australian and global anti-money laundering and terrorism financing laws, obtained by Sky News Business, revealed that billions of dollars worth of transactions in the US, Europe and Asia were not being monitored, which could put the bank in the firing line of global regulators.

Bank dominance under threat from technology, trust

When ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. chairman Greg Medcraft fronted a Senate estimates committee days after the Commonwealth Bank money laundering scandal erupted he warned that the world was changing and banking competition would be reshaped with the emergence of new entrants .

Westpac creates data accelerator

Westpac Banking Corp has created a “data accelerator” to build new technology businesses from anonymised data sets, and will offer access to it to institutional banking clients seeking to turn data into assets.

FUELD, which has been set up in partnership with Stone & Chalk, will provide early-stage start-ups access to the Data Republic data-sharing platform. Westpac’s venture capital fund, Reinventure Group, is an investor in Data Republic .

Ride-sharing giant Uber to shake-up Bendigo

The central Victorian city of Bendigo will experience a transport shake-up when the ride sharing service Uber arrives in late October.

But the company has revealed drivers will not immediately be able to accommodate travellers with disabilities.

Sweden lists entire country on Airbnb

Among the giants of the so-called “sharing economy”, Airbnb is often viewed as the model student to Uber’s problem child.

The $US30 billion ($A37.6 billion) valued home-sharing app provider has a much more benign, inoffensive reputation than its trailblazing ride-sharing peer, which has been mired in scandal ever since it burst on to the scene a few years ago.

‘A shocking attack’: Hairdressers’ penalty rates face the chop

As the Federal Court prepares to hear an appeal later this month against the Fair Work Commission’s cut in penalty rates for retail and hospitality workers, hairdressers are also facing the chop.

Earlier this year, the commission trimmed penalty rates for hospitality and retail workers and now the hairdressing industry wants to slash Sunday and public holiday rates.

ATO looks to bust myths on Single Touch Payroll as compulsory deadline approaches

The Australian Taxation office has pledged to “set the record straight” over misconceptions about what employers will have to do to onboard staff once the new Single Touch Payroll system becomes compulsory, but small business groups say there are still concerns the scheme will increase their workloads.

In a statement entitled “Setting the record straight on single touch payroll”, the tax office has refuted what is says are misconceptions about what the Single Touch Payroll processes will be when a new employee joins a business.

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