Regulatory Updates

T-REX turns 20 this month. Read all about it in HN Hub T-REX Regulatory Update T-REX: the secret of everlasting …

Parliament has passed the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024, which delivers Tranche …

Approximately 17 years after the introduction of the Australian AML/CTF regime, the government has embarked on the much-anticipated process of …

Consultation Paper 378 Safeguard mechanism reforms: Updates to RG 236 (CP 378) ASIC is proposing to update Regulatory Guide 236 …

Using Wrap Ups to your advantage

HN Hub’s Regulatory Wrap Up, at noon AEST on the second Wednesday of …

AUSTRAC CEO Brendan Thomas gave a speech at the ACAMS Conference, The Assembly of Australasia.

ACAMS describes itself as the …

The Attorney-General has made Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2024 (No. 1).

The Determination determines …

AUSTRAC has accepted an Enforceable Undertaking from Sportsbet to uplift its compliance with Australia’s AML/CTF laws.

The EU comes as …

AUSTRAC has released a new financial crime guide to help businesses identify and report suspicious activity arising from criminal networks …

After agreeing to a proposed penalty with AUSTRAC in May 2024, SkyCity has now been ordered by the Federal Court …

AML/CTF reporting entities may wish to keep an eye on new legislation introducing a digital identification framework to Australia.

The …

The Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 has been introduced to Parliament.

This …

ASIC has been successful in the Federal Court in arguing that Cigno Australia Pty Ltd and BSF Solutions Pty Ltd …

Earlier this year, the Government announced an independent review of Australia’s credit reporting framework. This was explained in HN Hub …

Banks and lenders should be aware that ASIC is launching an awareness campaign to encourage Australians to seek hardship assistance. …

ASIC’s consultation in relation to updates to Regulatory Guide 236 Do I need an AFS licence to participate in carbon …

ASIC has issued an interim stop order preventing Hirehood Pty Ltd from offering securities under a crowd-sourced funding offer document …

ASIC has accepted an enforceable undertaking from AFS licensee and “independent expert” PKF Melbourne Corporate Pty Ltd.

Firms providing independent …

ASIC has issued a class no-action position in response to financial services industry concerns that second party opinion (SPO) providers …

Recent ASIC action in relation to an ASX listed company allegedly involved in greenwashing provides food for thought for AFS …

The Federal Court has found that LGSS Pty Ltd (as trustee of the super fund, Active Super) made misleading representations …

ASIC has extended interim conditional relief which allows term deposits of up to five years, that are only breakable on …

ASIC has cancelled the AFS licence of retail OTC derivatives issuer XTrade.AU Pty Ltd.

This was after it found that …

ASIC’s latest interim stop order in relation to product design and distribution obligations relates to Australian Unity Funds Management Ltd. …

ASIC is asking market intermediaries to strengthen their supervisory arrangements for recording and monitoring representatives’ business communications. This is in …

ASIC has reminded advice licensees that they will now need to lodge a notice if they receive a declaration from …

The Minister has made Corporations (Relevant Providers – Education and Training Standards) Amendment (2024 Measures No. 2) Determination 2024. …

ASIC has shared remarks about the advice industry at the Professional Planner Licensee Summit this month.

ASIC Commissioner Alan Kirkland …

Treasury has opened consultation in relation to Delivering Better Financial Outcomes Tranche 1 – Draft Regulations.

The regulations open …

ASIC has banned the managing director of the Guildford group of companies, Dr Robert Payne.

He is banned, for four …

The comments of ASIC Commissioner Simone Constant, at the Australasian Investor Relations Association Annual Conference, contained some items of …

The Government has released a Sustainable Finance Roadmap.

The Roadmap sets out what is required to:

• embed the Government’s …

Treasurer Jim Chalmers has announced that the Government plans to take various actions in relation to mortgages and savings accounts …

A new version of the Australian Banking Association’s Banking Code of Practice will commence on 28 February 2025 after it …

The Compensation Scheme of Last Resort has made its first payments.

Four claimants have received payments totalling $360,000, being:

• a …

Over 10,000 complaints were lodged with AFCA in May 2024. This represents a four per cent increase on the number …

ASIC has made two orders permanently banning Christopher Nairn from the financial services and credit industries.

ASIC found that Mr …

ASIC Chair Joe Longo’s most recent opening statement to the Parliamentary Joint Committee on Corporations and Financial Services, Oversight of …

The opening statement by ASIC Chair Joe Longo at the Senate Economics Legislation Committee 2024-2025 Budget Estimates gives a snapshot …

ASIC is launching a new Professional Registers Search facility which will enable a user to review and search all ASIC’s …

The Australian Cyber Security Centre has released resources for Small Business Cyber Security. According to the ACSC, this gives …

The Australian Information Commissioner has taken a firm step in relation to Medibank Private Limited, following Medibank’s October 2022 data …

For the time poor readers, here’s the TL;DR. Artificial Intelligence (AI) presents unique regulatory and other risks that …

Changes to registered liquidator obligations. ASIC is seeking feedback on proposed changes to Regulatory Guide 258: Registered Liquidators: Registration, …

Update to RG 78 breach reporting by licensees

ASIC made minor updates to RG 78 Breach reporting by AFS licensees …

AUSTRAC has highlighted the important role that SMRs play in combating serious crimes, sharing details of an investigation involving a …

AUSTRAC has provided insights into its Federal Court action against Crown Melbourne and Perth Casino, which resulted in Crown receiving …

AUSTRAC has warned users about scammers exploiting fake websites pretending to be AUSTRAC.

The fraudulent sites mimic legitimate platforms, including …

The RegTech Symposium took place in Melbourne in May, with over 50 participants from the RegTech sector and reporting entities …

SkyCity Adelaide Pty Ltd and AUSTRAC have jointly agreed to a $67 million penalty, arising as a result of SkyCity’s …