Regulatory Updates

AUSTRAC has released Australia’s first national proliferation financing risk assessment, which is aimed at strengthening domestic and international efforts to …

AUSTRAC has released updated guidance to banks and superannuation funds on how to navigate KYC checks when providing financial services …

Following the trend of proceedings against casinos, AUSTRAC has commenced civil penalty proceedings against SkyCity Adelaide Pty Ltd for alleged …

AUSTRAC has commenced civil penalty proceedings in the Federal Court against The Star Pty Ltd and The Star Entertainment QLD …

ASIC has commenced proceedings in the Federal Court against fintech company, Finder Wallet Pty Ltd.  ASIC is alleging that Finder …

In each case, the insurer was required to implement a remediation program, re-calculate the benefits and address the system errors. …

ASIC is once again urging superannuation trustees to review their internal dispute resolution procedures having completed a more targeted review …

Mortgage brokers are expected to benefit from the future expansion of the Consumer Data Right to the non-bank lending sector. …

The High Court has dismissed Cingo Pty Ltd and BHF Solutions Pty Ltd’s special leave applications to appeal the recent …

Continuing with ASIC’s DDO trend, ASIC has released a report summarising its review of DDO compliance amongst Australian credit licensees …

ASIC has commenced its first civil penalty cases alleging breaches of product design and distribution obligations.

It commenced proceedings in …

AFCA has published what appears to be its first determination that considers a mortgage broker’s duty to act in the …

AFCA’s AGM took place on 24 November 2022.  A recording of the AGM and the copies of the Chair and …

ASIC has cancelled the AFS licence of National Advice Solutions Pty Ltd (National Advice Solutions) and banned two …

ASIC has banned Gabriel Yakob, former director of AlphaThorn Pty Ltd (now known as Trading Life Services Pty Ltd), from …

ASIC has released the sitting dates for the financial adviser exam in 2023.  They are:

• 16 February (enroll from 10 …

ASIC has updated its guidance for AFS licensees and their representatives on the provision of personal advice about self-managed superannuation …

ASIC has cancelled the AFS licence of the AFSL Group Pty Ltd after it found that AFSL Group failed to: …

ASIC has suspended the licence of an AFS licensee which did not have the required professional indemnity insurance coverage.

The …

A recent ASIC surveillance has identified concerns with the oversight of marketing practices by some Responsible Entities.

ASIC’s concerns related …

The Federal Court has dismissed proceedings brought by ASIC against Commonwealth Bank of Australia in relation to the charging of …

The ALRC has published a background paper, All roads lead to Rome: unconscionable and misleading or deceptive conduct in financial …

Last month, the ALRC hosted a webinar to discuss Report B, which detailed its proposed legislative model for chapter …

ASIC is bringing civil penalty proceedings in the Federal Court against insurance company OnePath Limited.  ASIC alleges that it failed …

Statewide Superannuation Pty Ltd’s former Chief Financial Officer, Grant Eastwood, and Chief Risk Officer, Kieran Netting, have been charged with …

ASIC issued three infringement notices to Vanguard Investments Australia Ltd after it developed concerns that Vanguard was misleading the public …

ASIC has released Report 753 ASIC enforcement and regulatory update: July to September 2022, which gives an overview of …

ASIC has continued its surge of DDO stop orders, with stop orders issued in relation to:

• APS Savings Limited
• Australian …

Obligations to report IDR data to ASIC start in 2023.  These obligations apply to credit licensees and to AFS licensees …

Parliament has passed legislation expanding the enforcement and information sharing powers of the Australian Information Commissioner.

The legislation is the …

Parliament has passed the Financial Sector Reform Bill 2022 with modifications – removing the provisions for the compensation scheme of …

The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 has been passed, giving the Australian Information Commissioner greater enforcement …

ASIC announced this week, on Tuesday 29 November 2022, that the Federal Court has dismissed proceedings ASIC brought against CBA. …

There is a wealth of information from ASIC and elsewhere that deals with AFSLs.  Nevertheless, applying for an AFSL can …

The following items were open for consultation in November 2022:

Draft Superannuation Auditor Registration Imposition Regulations 2022.  These Draft Regulations …

ASIC releases reports on practices in wholesale financial markets

ASIC released two Reports on better and poorer practices in wholesale …

AUSTRAC has released Financial services for customers that financial institutions assess to be higher risk – draft guidance.

This …

FATF has updated its consolidated list of ML/TF country assessment ratings.  This list assesses the effectiveness and technical compliance of …

AUSTRAC has accepted an enforceable undertaking from two entities within the ING Bank Australia group.

ING self-identified and voluntarily reported …

AUSTRAC is inviting reporting entities and industry participants to a webinar focusing on the Reporting Entity System Transformation (REST) Program, …

AUSTRAC has released Preventing Trade-Based Money Laundering in Australia Financial Crime Guide.

The aim of the Guide is to …

ASIC has commenced proceedings in the Federal Court against fintech company Web3 Ventures Pty Ltd, trading as Block Earner.  ASIC …

Twenty Virtual Asset Services Providers recently attended the V20 Summit, held as a supporting event to the G20 Leaders’ Summit …

ASIC suspended the AFS licence of FTX Australia Pty Ltd after it was placed into voluntary administration.

FTX Australia’s licence …

The Federal Court recently heard an appeal from an earlier decision of the Federal Circuit Court.  The appeal decision is …

The Government has opened consultation in relation to regulation of the Buy Now Pay Later industry.  The Government notes that …

The Assistant Treasurer and Minister for Financial Services, Stephen Jones, has made Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) …

There has been a six month delay to the requirement for AFS licensees to register their financial advisers with ASIC …

ASIC has accepted an enforceable undertaking from a financial advice licensee, Lasarith Pty Ltd and its sole director and Responsible …

ASIC has made relief from the requirement to provide a Financial Services Guide in certain situations.  The relief applies to …