Regulatory Updates

FATF has released guidance on how new technologies assist and promote compliance with AML/CTF requirements, and has looked at the …

From November 2022, the SWIFT system will be migrated to ISO 2022 messaging system for cross border and correspondent banking …

AUSTRAC has published a risk assessment for the non-bank lending sector.  This ML/TF risk assessment is relevant to the non-bank …

Providers of digital currency exchange services were first regulated by AUSTRAC in 2018.  Since that time, the Financial Action Task …

AUSTRAC has released new guidance to assist reporting entities undertake appropriate source of funds and source of wealth investigations.  The …

Debt management service providers are now regulated under the National Consumer Credit Protection Act 2009 and require a licence to …

Debt collection agency, Black Collections Pty Ltd (Black Connections) has plead guilty and been convicted of engaging in …

On 23 June 2021, the Federal Court dismissed ASIC’s application against Cigno Pty Ltd (Cigno) and BHF Solutions …

In accordance with the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021, providers of certain debt management …

The Federal Court has fined Forex CT $20 million for engaging in systemic unconscionable conduct, paying conflicted remuneration to its …

ASIC Class Order [CO 13/721] restricting exchange traded funds (ETF) market-making functions to authorised participants has …

ASIC has released new guidance on best practices for activist short selling.  Activist short selling involves taking a short position …

ASIC has extended the regulatory relief provided to public offer superannuation trustees to non-public offer trustees to ensure consistent regulation. …

OnePath is repaying up to $35 million to over 40,000 customers who were sold life insurance over the phone between …

The deferred sales model for add-on insurance recommended by the Royal Commission (recommendation 4.3) will apply from 5 October 2021. …

ASIC has finalised its investigation into alleged ‘fees for no service’ criminal conduct arising from AMP Financial Planning Pty Limited’s …

On 8 July 2021, ASIC entered into a heads of agreement to resolve civil penalty proceedings it had initiated against …

Westpac has pledged to remediate customers whose financial advisers may have failed to notify them of corporate actions between 2005 …

WA-based financial adviser Robert Hutchison was permanently banned from providing financial services in June 2017.  Mr Hutchison was a director …

The Federal Court has fined BT Funds Management Limited (BT) and Asgard Capital Management Limited (Asgard) …

ASIC has created and published the ASIC reference checking and information sharing protocol  (‘ASIC Protocol’).  Under the Financial Sector Reform …

ASIC has banned Adam John Bevan from providing financial services for five years.  Mr Bevan was an authorised representative and …

FASEA has announced that it will provide all financial advisers who have not yet passed the Financial Advisers Exam, the …

FASEA has recently released the exam results from the May sitting of the Financial Advisers Exam.  This was the 12th …

ASIC has found MyBudget Pty Ltd (MyBudget) was operating a financial services business without an AFS licence.

ASIC …

ASIC has extended the transitional relief period for foreign financial services providers (FFSPs) for another 12 months until …

ASIC has released Consultation Paper 342 Proposed amendments to the ASIC market integrity rules and other ASIC-made rules (CP …

This month, ASIC consulted on how exchange traded products (ETPs) that are invested in or exposed to crypto-assets …

On 1 July, ASIC released Consultation Paper 344 Remaking ASIC class order on when debentures can be called secured notes …

ASIC is seeking feedback on its updated draft regulatory guidance following the reforms to the anti-hawking regime under the Financial …

ASIC has released a data dictionary, detailing the information financial firms will be required to gather and report on, …

Following consultation with the Australian Restructuring Insolvency Turnaround Association (ARITA), ASIC has published an updated version of Information …

AFCA has reported that it received 70,510 complaints in the 2020/2021 financial year, which is a decrease of 12 per …

The Australian Securities and Investments Commission (ASIC) released Regulatory Guide 271: Internal Dispute Resolution (RG 271) …

Consultation Paper on greater transparency of proxy advice.  Treasury is consulting on the adequacy of the current regulatory regime …

Financial reports for periods ending 30 June

ASIC has published a reminder of potential ‘problem areas’ for companies to focus …

FATF is exploring how technology can improve AML/CTF efforts, focussing on:

• using new technology to help private sector entities implement …

The most recent changes to the AML/CTF Act 2006 came into effect on 18 June 2021.

AUSTRAC praised these reforms …

Over the next four years, AUSTRAC is planning to replace AUSTRAC Online with a more modern, user-friendly system.  The aim …

AUSTRAC has released new guidance to warn businesses and consumers against a money laundering method known as ‘cuckoo smurfing’.  This …

The Senate has tasked the Legal and Constitutional Affairs References Committee with an inquiry into the adequacy and efficacy of …

ASIC has banned John Carlton Martin, a responsible manager (RM) and director of Union Standard International Group Pty …

Forex Capital Trading Pty Ltd (Forex CT) was ordered to pay a penalty of $20 million by the …

The Federal Court has dismissed ASIC’s application in relation to alleged breaches of consumer credit provisions by Cigno Pty Ltd …

Advanced Choice Finance Pty Ltd (Advanced Choice) was convicted and fined $4,000 for knowingly making a false statement …

ASIC has registered the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541, which commenced 15 June 2021.

The Instrument prescribes …

The Government’s superannuation legislation package – which includes the Treasury Laws Amendment (Your Future, Your Super) Bill 2021, Treasury …

ASIC has banned Hobart-based financial adviser, Hannah Jennings, from providing financial services for four years.

Ms Jennings failed to act …

ASIC has banned former adviser, Nathan Smith, from providing financial services for three years.

Mr Smith started as a financial …

ASIC has permanently banned financial adviser, Gavin Fineff, from providing financial services, controlling a financial services business, or performing any …