Briefs: CBA Facebook app scrutinised and remittance company rapped

Commonwealth Bank's efforts to adapt its mobile banking application Kaching for Facebook - an initiative disclosed by the bank early last week - is being portrayed as the first such service to qualify for a test run on the social network in an article by Forbes. However, CBA is doing nothing that other banks could not also do using Facebook's tools for qualified banking partners according to an analysis at CNET.

A Sydney remittance company, Your Express Service, must overhaul its anti-money laundering programs and procedures after being found to be non-compliant with its obligations under the anti-money laundering and counter-terrorism financing rules. The AML/CTF regulator, Austrac, reported yesterday that it had accepted an enforceable undertaking from YES that will involve remedial work throughout this year and next.