Australia - Review Into Unregulated Financial Products And Their Security Implications.

Legal News & Analysis - Asia Pacific - Australia - Regulatory & Compliance - Banking & Finance

29 October, 2019


Global law firm Clyde & Co is pleased to announce that it will take part in a review of the use of unregulated financial products in collaboration with the 'Optus Macquarie University Cyber Security Hub' and Tel Aviv-based law firm Agmon & Co., Rosenberg Hacohen & Co. 


The review, led by the firm's Sydney office, will look at the security implications of unregulated financial products, and how they may interact with money laundering and terrorism funding. 


An international law firm, Clyde & Co advises organisations on compliance with financial regulations and national counter-financing of terrorism regulations.


Michael Tooma, Australia Managing Partner, Clyde & Co, says: 


"Unregulated financial products – such as frequent flyer cards, store cards, and phone plans – are a fast growing market segment. We will investigate to what extent they may contribute to money laundering and terrorism funding." 


The research team will include experts from leading universities around the world, working under the supervision of Principal Investigator Dr Doron Goldbarsht - expert in Anti-Money Laundering and Counter terrorist financing regulation, from Macquarie Law School. 


Dr Goldbarsht said that the research is an exciting opportunity to make an important contribution towards creating a strong new payment and services products  ecosystem, where money laundering and terrorist financing will be reduced while simultaneously improving the lives of individuals in the general community.


Mr Tooma said the pace of financial innovation meant there were more unregulated products being launched than ever. 


"Financial innovation is not necessarily a bad thing, however it can unintended consequences and we need to understand this better," Mr Tooma said.  


Clyde & Co is pleased to be partnering with Macquarie University and Agmon & Co., Rosenberg Hacohen & Co on this important initiative.