For years, Chinese authorities have loomed large over attempts to move money out of the country. Now Australian agencies are becoming equally aggressive.
Tokyo | For years, Chinese authorities have loomed large over attempts to move money out of the country, with an endless crackdown on efforts to get cash out and into Australian real estate and bank accounts.
Now there’s another consideration – an equally aggressive push from Australian officials who worry that money is flowing into the country through fraudulent mortgage applications, often made with the help of networks of accountants, brokers and investment professionals.
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IT & DATA SECURITY (MITIGATING THE “INSIDER THREAT”)
As seen in the TD Bank case, an employee with too much “access” can sell your customer data to syndicates.
- Principle of Least Privilege (PoLP): Employees should only have access to the specific folders and databases required for their current task.
- Access Revocation: Have a “Termination Checklist” that ensures all digital access (Email, VPN, Banking) is revoked within 60 minutes of an employee resigning or being dismissed.
- System Logs & Audit Trails: Enable “Read/Write Logging” on your server. If a customer’s data is leaked, you need to know exactly which login accessed that record and at what time.
- Encryption at Rest: Ensure that sensitive files (like your customer ID numbers or payroll spreadsheets) are encrypted so that if a staff member copies them to a USB, they cannot be read.