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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jaclyn Jaeger2022-11-14T19:27:00
The Australian government is weighing stringent new privacy reforms that would establish among the steepest penalty regimes in the world for serious or repeated breaches.
On Oct. 26, Australia’s Attorney General Mark Dreyfus brought forth before parliament the “Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022,” proposing significant amendments to the country’s 1988 Privacy Act. On Nov. 9, the bill passed the House of Representatives without amendment and moved to the Senate. The Senate Standing Committee on Legal and Constitutional Affairs will review the bill and is scheduled to issue its report Nov. 22.
The most substantial change would increase maximum civil penalties for “serious or repeated” breaches of privacy from the current AUD$2.22 million (U.S. $1.5 million) cap to an amount not more than the greater of AUD$50 million (U.S. $33.5 million); three times the benefit obtained by the company; or, if a court cannot determine the value of the benefit obtained, 30 percent of a company’s domestic turnover in the relevant period.
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2023-11-27T21:12:00Z By Adrianne Appel
Australia released an updated cybersecurity strategy that will rely more heavily on public-private partnerships to support the country’s cyber defense efforts.
2022-10-11T19:05:00Z By Neil Hodge
The Optus data breach should serve as a reminder for all organizations that cybersecurity incidents are serious business risks that are costly to make right.
2022-10-07T18:17:00Z By Neil Hodge
Optus isn’t alone in trying to calm public nerves and find out what happened to cause a breach that exposed the records of 9.8 million current and former customers. Australian government agencies are also attempting to fight fires and reassure citizens their personal info is safe.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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