Regulatory Updates

While Optus and Medibank come to mind when we think of cyber incidents, ASIC is increasingly enforcing its regulatory priority …

Unfair trading practices – Consultation on the design of proposed general and specific prohibitions. This supplementary Consultation Paper, released …

ASIC cancels AFS licence

ASIC cancelled the AFSL of RPD Group Advice Pty Ltd after AFCA made a determination, RPD …

As 2025 draws to a close, it will almost be time to lodge your Annual Compliance Report, which is …

AUSTRAC has provided insights in to how it can ensure it receives and uses quality data for its regulatory and …

AUSTRAC hosted two 2024 AML/CTF Advisers Forums in November, with one session in Melbourne and one in Sydney.

The Forum …

AUSTRAC previously launched updated enrolment and registration forms on AUSTRAC Online, with the aim of simplifying the enrolment process.

AUSTRAC …

AUSTRAC has set out key trends in 2024 following its engagement across various sectors, including the banking, financial services and …

AUSTRAC has released a new AML/CTF e-learning module on quality reporting for suspicious matter reports (SMRs).

This module aims …

AUSTRAC is cracking down on cryptocurrency ATM providers in Australia who don’t comply with Australia’s AML/CTF regime.

An internal AUSTRAC …

AUSTRAC has commenced civil penalty proceedings in the Federal Court against Entain Group, which operates online betting sites, including Ladbrokers …

Following the passage of the AML/CTF Amendment Act, AUSTRAC is seeking guidance on its Exposure Draft 1 of the new …

On 29 November 2024, parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024, which marks significant reform …

ASIC has accepted a court enforceable undertaking from pawnbroking business Lend NT Pty Ltd and its sole director Laddawan Te …

Earlier this year, the Government announced an independent review of Australia’s credit reporting framework. The review assessed the efficiency and …

As noted in last month’s T-REX Regulatory Updates, the Federal Government secured the passage of more than 30 pieces of …

ASIC released its inaugural publication of industry-wide data reported under the internal dispute resolution data reporting framework.

From over 4.7 …

ASIC has made a final stop order to prevent Indy-C Fashion Accessories Pty Ltd from offering Centrepay credit arrangements to …

The Federal Court has ordered Bit Trade Pty Ltd, the Australian operator of the Kraken crypto exchange, to pay $8 …

The Parliamentary Joint Committee on Corporations and Financial Services has released its final report on its inquiry into the financial …

Over 9,000 complaints were lodged with AFCA in October 2024. This represents a nine per cent increase on the number …

In a sign that ASIC is, more than ever, using the efficiently, honestly and fairly obligation as the regulatory “wild …

On 4 December 2024, Treasury released a Fact Sheet titled “Ensuring access to quality and affordable financial advice”.

The Fact …

In a speech at the Conexus Financial Professional Planner Researcher Forum, ASIC Commissioner Kirkland focused on one of ASIC’s strategic …

Speaking to advisers at the Financial Advice Association Australia (FAAA) Congress on 28 November 2024, ASIC Commissioner Alan Kirkland provided …

Following a review of the internal dispute resolution practices of 11 general insurers, ASIC has found that insurers are failing …

The Federal Court has found that Sasha Hopkins and The A Team Property Group Pty Ltd were operating an unregistered …

The Financial Services and Credit Panel has issued two reprimands relating to advice on superannuation contributions.

In the case of …

ASIC has released Consultation Paper 381, seeking feedback on ASIC’s proposed updates to INFO 225: Digital assets: Financial products and …

ASIC has released this morning its much anticipated updated INFO 225 for public consultation.

The proposed updated INFO 225 …

The Australian Securities and Investments Act 2001 (‘the ASIC Act’) gives ASIC the power to issue section 30 and section …

Review of AI and the Australian Consumer Law. Treasury is seeking views on how the Australian Consumer Law applies …

Private member bill proposes to replace SOAs with ROAs

Building on Michelle Levy’s 2022 Quality of Advice Review, the Corporations …

AUSTRAC has met with financial intelligence unit representatives from 13 Pacific nations as part of joint efforts to tackle financial …

FATF has published two recent updates relating to international ML/TF risk. The reports provide an update on jurisdictions which may …

AUSTRAC CEO Brendan Thomas has provided an update on AUSTRAC’s current focuses, including the biggest risks that AUSTRAC is trying …

In the final sitting week of 2024, Parliament has passed a bundle of legislation, including:

• Anti-Money Laundering and Counter-Terrorism Financing …

AUSTRAC has implemented its new and improved enrolment and registration forms on AUSTRAC Online.

The new enrolment and registration forms …

AUSTRAC has amended the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2001 (No. 1) to address an oversight made in …

ASIC is taking action against NAB in the Federal Court, alleging that NAB failed to respond to 345 hardship applications …

ASIC has commenced proceedings against Oak Capital Mortgage Fund Ltd and Oak Capital Wholesale Fund Pty Ltd alleging that they …

In AFCA Determination 768719, AFCA was asked to consider whether the complainant received inappropriate financial advice from an authorised …

The Office of the Australian Information Commissioner released its 2023-24 Annual report. During this year, the OAIC moved to …

On 1 November, ASIC Chair Joe Longo appeared before the Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into …

The Federal Court dismissed the case brought by ASIC against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty …

ASIC has released its third annual report on information lodged by licensees in relation to reportable situations under the reportable …

Treasury has released its consultation paper, discussing options for implementing the Crypto Asset Reporting Framework (CARF) and associated amendments to …

Credit and AFS licensees dabbling in digital assets should remain vigilant to the possibility that they may be triggering the …

ASIC has released its latest Market Integrity Update (Issue 163), with a significant emphasis on cyber incident handling. ASIC’s …

AFCA has released its 2023-2024 Annual Review. The review reveals that between 1 July 2023 and 30 June 2024, …