Technology can play a crucial role in establishing a culture of compliance. Refer to the quote above. Regulatory compliance is opined to be one of the greatest challenges for ADI's in 2021. As the quote above suggests technology can assist with regulatory compliance. Recently in Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited (No3) [2020] FCA 1421, where ANZ admitted to regulatory breaches on 327,895 occasions.

 

Question: 

How does technology affect the legal relationship between ADI and customer? 

In your opinion, does technology enhance an ADI's regulatory compliance, or does it increase an ADI's exposure to litigation?

Discuss by referring to scholarly articles as well as case example as well as relevant rues of common law, statute and codes of practice?

Answer rating: 100% (QA)

1 Technology affects the legal relationship between an AD I and customer by providing the customer with an easier and more efficient way of managing their finances Technology can facilitate a more sec... View the full answer