QUESTION 1 Recently, media attention in Australia has focussed on alleged breaches of anti-money laundering (AML/CTF) laws by the Commonwealth Bank of Australia (CBA). A number of newspaper articles ( enclosed with this assignment) describe the nature of the alleged breaches as well as the legal action taken by the regulator, AUSTRAC, against the CBA. Required By reference to these articles, describe how Australian law addresses money laundering and terrorism financing, and how the CBA allegedly breached that law. In your answer, include discussion of: • The role of AUSTRAC • Comments about or criticisms of CBA’s monitoring systems QUESTION 2 Lamba approaches Empire Bank Ltd for savings and credit card account facilities. He is required to complete various forms and the bank officer informs him he will receive his separate debit and credit cards in the mail, as well as other related documents. Lamba mentions to the bank officer that he would like some financial advice about investing an inheritance of $600,000 which he recently received from his father. The officer arranges an immediate appointment for him to discuss his options with the bank’s financial planner, Esther Guo, located in the office next door. At this short meeting lasting only ten minutes, Esther managed to obtain just a few basic details about Lamba without enquiring about his personal and financial circumstances. She promised to send him her ‘recommendations’ in the mail in next few days. A week passes before he receives his cards from Empire Bank, but Lamba does not receive any accompanying documents or written information from the Bank in relation to the accounts or anything from Esther. Esther calls him to say that she had spoken to a friend at Australian Managed Investment Ltd (AMIL) that specialises in high risk gold-mining investment projects. She said she had passed on all his personal details to them and they would call him soon with a proposal about how to invest his inheritance. She was enthusiastic in recommending AMIL’s investment opportunities. She did not mention that she would get a commission from AMIL for passing on his details. Required: By reference to the above facts and relevant sources of banking law: • Outline any legal duties that Empire Bank and/or Esther owed to Lamba, explaining whether these were breached. • If any duties were breached, describe the legal actions he may take against the Empire Bank. ( For the legal duties you need to identify, refer to key topics:Topic 5 Secrecy; Topic 6 Industry Codes; and Topic Financial Services 7 Regulation) ( Total for Question 2: 9 marks) Maximum: 1,200 words ( Total for Assignment (Part 2): 15 marks) ( Read the assignment instructions on the following pages) Assignment Requirements A. This is an individual assignment ( not a group one). B. Your assignment may be written as a report, or in essay format. In either case, you may adopt headings and sub-headings, and referencing will be required. C. This assignment format:- • 2,000 words in total ( excluding references and bibliography) • Include internal references as well as a bibliography at the end of your assignment D. The assignment counts for 15% of the total assessment in this subject. E. The due date for the assignment is end of WEEK 10, Sunday 8 October 2017, 11.55 pm How to submit (1) You must submit a softcopy of your assignment through VU Collaborate drop box by the due date. This allows for official receipt of the assignment, and Turnitin analysis AND (2) You must also submit a hardcopy at your first lecture in WEEK 11. The hardcopy must be the same as the softcopy, and include a declaration form. It will be marked and returned to you with a feedback sheet. F. Ensure that you refer to authorities ( texts, cases and legislation) accurately. Refer to VU’s plagiarism and referencing policies. In particular: • Acknowledge sources, including textbooks and articles and internet materials. See http://www.vu.edu.au/library/referencing-copyright/referencing-guides which refers to different style guides including APA, Oxford, and Harvard. Please use only one of these guides for your assignment. • Do not quote from source material without using quotation marks. • Even where you do not quote directly from a source but use an idea from that source, you must acknowledge that source even when you express it in your own words. • Include a bibliography at the end of the assignment G. Recommended reading includes: • Internet references given in lectures, including the legal search engine www.austlii.edu.au (search under ‘banking’) • Butterworths online publications ( available through VU’s intranet/ library site) • Your textbook and other banking law texts H. Scholarly writing, plagiarism and copyright Part of what it means to be a ‘scholar’ is to engage with the work of others, for example, to extend or refine one’s own ideas, critique the work of others, or test and extend theories. Learning and assessment activities therefore often require you to gather information from a number of sources. This may include factual information, data or calculations, visual artefacts and written texts. Whenever you use the work of another person, you must acknowledge that source using the correct referencing system. Failure to acknowledge other people’s work appropriately may be regarded as plagiarism or academic misconduct. Use of one’s own previous work in satisfaction of a new assessment requirement is also not be allowed unless it is an explicit requirement for the unit. VU deals with plagiarism according to the Academic Integrity and Preventing Plagiarism Policy. VU uses Turnitin for the review of written assessments. Turnitin checks submitted work against sources from across the world, and provides a report detailing the use of third party text and references. Written assessments are automatically submitted via Turnitin in the unit site. You may be provided access to submit assessments early and review the reports, to help you understand where referencing should occur. All students and staff of Victoria University are also bound by the requirements of the Copyright Act (1968) and the University’s Copyright Material (the Use of) Policy when using third party copyright material in the course of their research and study. Please ensure that you familiarize yourself with this policy and the rules around use of materials produced or owned by others. For information on copyright entitlements and responsibilities for study and research please see vu.edu.au/library/referencing-copyright/copyright. I. Academic writing and referencing guidelines VU provides tools to assist you in understanding appropriate referencing, including those linked below. More can be found on the library website and under ‘Support and Resources’ on your unit site. • vu.edu.au/library/referencing-copyright/referencing-guides • vu.edu.au/campuses-services/student-support/language-learning/academic-writing J. Important information about assessment Your unit of study assessment conforms to the Student Assessment for Learning Policy and procedures, which are available in the University policy library: https://policy.vu.edu.au/document/view.php?id=260. K. Adjustment to assessment arrangements If you are unable to undertake or complete an assessment due to adverse circumstances the following arrangements may apply: Late submission of assessments – Short extension of time If you are unable to submit an assessment item on time, due to circumstances outside your control, you may apply for a short extension of time of less than five (5) working days. The standard penalty for late submission without an approved short extension will be 5% of the total possible mark per working day. If submission is overdue by more than ten (10) working days, the work will not be assessed. Full details of the procedure for applying for a short extension are available here. You can download the form from the policy library or use the quick link here. Special Consideration and Alternative Examinations Sometimes there are circumstances that are also out of your control, which are likely to affect your ability to complete an assessment task/s on time, and these events would require more than a short extension of time referred to above. Special consideration is available for unexpected short-term physical or mental ill-health or other unexpected circumstances outside your control. After you apply for special consideration your application is forwarded to the Unit Advisor/Co-ordinator. You might be granted an extension of time, an alternative assessment, removal of a late penalty or adjustment to marks, depending on your circumstances. Alternative examinations are available for exceptional circumstances for students who apply at least five (5) working days prior to the commencement of the examination period. You can find information and forms for special consideration and alternative examinations at https://www.vu.edu.au/student-life/your-course/exams-assessments/submitting-your-assignments/short-extensions-special-consideration . Ongoing modified assessment Ongoing modified assessment arrangements are available if you have a disability or medical condition that may impact upon your studies. See Disability Support at https://www.vu.edu.au/campuses-services/student-support/disability-support. You may need to contact a student counsellor to assist you with this process. For further information please see vu.edu.au/student-life/getting-help/counselling. If you wish to be considered or apply for one of the above adjustment to assessment arrangements, you should refer to the relevant procedure associated with the Student Assessment for Learning Policy. L. Review of assessment outcome The Student Assessment for Learning – Review of Individual Assessment Outcomes Procedure provides a process by which you may request a review of an assessment outcome
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