Regulatory Updates

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 …

The Attorney General’s Department has launched the second stage consultation on proposed reforms to Australia’s anti-money laundering and counter-terrorism financing …

A recent report from ASIC has found that large home lenders should be doing more to support people in hardship. …

ASIC released a statement calling for superannuation trustees to renew efforts in protecting members from unscrupulous advisers. This follows a …

Following an ASIC investigation, the DPP has taken action in the Downing Centre Local Court against John Bigatton, former national …

ASIC released Information Sheet 281 FAQS: Relevant providers – Accessing the experienced provider pathway (INFO 281) to provide …

ASIC made two interim stop orders preventing Trademax Australia Limited from opening trading accounts or dealing in CFDs or margin …

Following an ASIC investigation, the Markets Disciplinary Panel fined J.P. Morgan Securities Australia Limited $775,000 for permitting suspicious client orders …

AFS Licensee Odyssey Equity Finance Pty Ltd was sentenced in the Dandenong Magistrates’ Court for failing to lodge financial reports …

Between 1 January to 31 March 2024, ASIC banned four directors from managing corporations following their role in the collapse …

ASIC has published Information Sheet 282 Unsolicited contact leading to financial advice (INFO 282), which outlines how financial …

ASIC’s recent actions against advisers for dishonest conduct serve as a reminder for licensees to ensure reasonable steps are being …

ASIC has won its first court case regarding a non-cash payment facility involving crypto assets in the Federal Court. Despite …

Mortgage lender Firstmac has been hit by a cyber attack, with customer data leaked online.

According to ABC News, …

In AFCA Determination 716627, AFCA required a financial advisory firm to pay the corporate trustee of an SMSF $254,312.72 …

Over nine thousand complaints were lodged with AFCA in April 2024. This represents a 33 per cent increase on the …

ASIC chair Joe Longo made an opening statement at the Parliamentary Joint Committee on Corporations and Financial Services, Oversight of …

ASIC has today released guidance on the experienced adviser pathway. This follows the making of legislation in September last year …

Ask Optus. Its 14-hour national outage on 8 November 2023 led to a Parliamentary inquiry, the resignation of its then …

Standardising natural hazard definitions and reviewing standard cover for insurance. This Treasury Consultation Paper seeks feedback on potential natural …

No-action position on financial reporting obligations

ASIC announced that it adopted a no-action position on the financial reporting obligations of …

FATF has released its report detailing the implementation status of Recommendation 15 by its members and jurisdictions with significant Virtual …

FATF has published an updated mutual evaluation report on Australia’s progress in strengthening measures to tackle money laundering and terrorist …

In a recent move to strengthen Australia’s financial integrity, AUSTRAC has taken decisive action against non-compliance within the business sector. …

In 2022, ASIC commenced proceedings against credit licensee Sunshine Loans Pty Ltd, alleging that it collected fees of over $300,000 …

The Federal Court has ordered Macquarie Bank Ltd to pay a penalty of $10 million for failing to have effective …

ASIC is appealing the Federal Court decision to dismiss its proceedings against Auto & General Insurance Company Limited regarding an …

ASIC has commenced civil penalty proceedings against three blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd and …

ASIC issued civil penalty proceedings against a wholesale licensee, Lanterne Fund Services Pty Ltd, that operated a “licensee for hire” …

Upon an application from ASIC, the Federal Court ordered that Prospero Markets Pty Ltd be wound up on just and …

ASIC has appealed the Finder Wallet decision that was handed down by the Federal Court last month.

ASIC explains that …

On 27 March 2024, the Government introduced legislation to implement some of the recommendations arising out of the Quality of …

The Federal Court of Australia has found that Vanguard Investments Australia Ltd breached provisions of the ASIC Act 2001 when …