Regulatory Updates
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29 Apr 2022 T-REX Article
In brief
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29 Apr 2022 T-REX Article
Senate Committee releases AML/CTF report
The Senate’s Legal and Constitutional Affairs References Committee has released The adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism …
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29 Apr 2022 T-REX Article
FATF reports on effectiveness and compliance with FATF standards
FATF has released Report on the State of Effectiveness and Compliance with the FATF Standards, based on data it …
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29 Apr 2022 T-REX Article
FATF ministerial meeting takes place
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29 Apr 2022 T-REX Article
AUSTRAC seeks to amend AML/CTF Rules
AUSTRAC has released draft amendments to the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1), which, if …
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29 Apr 2022 T-REX Article
AUSTRAC releases updated guidance on selecting an AML/CTF adviser
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29 Apr 2022 T-REX Article
Suspicious matter reports result in forfeiture of illicit cash and luxury cars
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29 Apr 2022 T-REX Article
AUSTRAC provides update on System Transformation Program
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29 Apr 2022 T-REX Article
AUSTRAC closes consultation on draft guidance on source of funds and source of wealth
AUSTRAC’s consultation in relation to draft guidance on source of funds and source of wealth has now closed. Proposed …
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29 Apr 2022 T-REX Article
AUSTRAC releases new financial crime guides
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29 Apr 2022 T-REX Article
AFCA determination on CFDs and professional trader account
A recent AFCA determination (case number 836882) involved the classification of a client as a wholesale client.
The complainant was …
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29 Apr 2022 T-REX Article
CFD product intervention order extended for five years
ASIC has extended for a further five years its product intervention order imposing conditions on the issue and distribution of …
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29 Apr 2022 T-REX Article
Reminder to limited licensees not to overlook AFSL obligations
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29 Apr 2022 T-REX Article
Privacy (Credit Reporting) Code 2014
Privacy (Credit Reporting) Code 2014 (Version 2.2) has been registered on the Federal Register of Legislation. This version of the …
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29 Apr 2022 T-REX Article
Vulnerable consumers and annual cost rate caps
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29 Apr 2022 T-REX Article
Appreciating the responsibility of being a professional
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29 Apr 2022 T-REX Article
ASIC fixes glitch regarding existing relevant providers and exam
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29 Apr 2022 T-REX Article
Final penalty opportunity to reflect on themes behind Westpac failures
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29 Apr 2022 T-REX Article
Extension of disclosure relief for litigation funding schemes
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29 Apr 2022 T-REX Article
Business introduction services – relief instrument registered
HN Hub T-REX Regulatory Update Business introduction relief extended, published in March 2022, reported that ASIC was extending relief …
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29 Apr 2022 T-REX Article
CCIVs and passport funds – housekeeping
The Government has tidied up the intersection of the corporative collective investment vehicle regime with the passport fund regime by …
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29 Apr 2022 T-REX Article
Consumer data right and joint accounts – extra time for non-major banks
The Government has made the Competition and Consumer Amendment (Consumer Data Right Measures No. 1) Regulations 2022. The aim …
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29 Apr 2022 T-REX Article
Systems, processing and poor risk management to blame – conflicted remuneration
The Federal Court has ordered that Westpac subsidiary and superannuation trustee, BT Funds Management Limited pay a $20 million penalty. …
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29 Apr 2022 T-REX Article
Westpac cops penalty for selling unwanted insurance
The Federal Court has ordered that Westpac Banking Corporation pay a $1.5 million penalty for mis-selling consumer credit insurance.
The …
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29 Apr 2022 T-REX Article
Superannuation trustees strengthen governance after ASIC concerns
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29 Apr 2022 T-REX Article
ASIC alleges efficiently, honestly and fairly failures for third party withdrawals
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29 Apr 2022 T-REX Article
AFCA updates Operational Guidelines in relation to extension of time
AFCA has updated its Operational Guidelines to reflect changes to how and when parties to a complaint can request an …
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29 Apr 2022 T-REX Article
Investment products based on crypto assets – the pick of recent ASIC speeches
Of ASIC’s recent speeches, Regulating crypto-asset-based investment products within the financial services framework is particularly timely given the current consultation …
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29 Apr 2022 T-REX Article
ALRC simplification project – some titbits
The Australian Law Reform Commission continues to release resources and schedule events shedding light on the current work of the …
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29 Apr 2022 T-REX Article
ASIC makes sense of current virtual and hybrid meeting requirements
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29 Apr 2022 T-REX Article
Council of Financial Regulators – current concerns are varied
The Council of Financial Regulators has released its latest Quarterly Statement and the RBA’s latest half-yearly Financial Stability Review. …
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06 Apr 2022 Alert
CFD Product Intervention Order extended
ASIC has extended the Product Intervention Order that applies to CFDs issuers and distributors for a further 5 years. ASIC …
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31 Mar 2022 Alert
ASIC releases IDR data reporting handbook
ASIC has released the final requirements for the internal dispute resolution (IDR) data reporting framework.
The framework will be implemented …
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31 Mar 2022 T-REX Article
Consumer Data Right access expanded to ‘trusted advisers’ (T-REX Bites Feature Article)
Important changes have been made to the Consumer Data Right Rules that enable ‘trusted advisers’ to access consumer data via …
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31 Mar 2022 T-REX Article
Consultation
The following items were open for consultation in March 2022:
ASIC Consultation Paper 356 ETP naming conventions: Updates to INFO …
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31 Mar 2022 T-REX Article
In brief
ASIC Enforcement Update
ASIC released its Enforcement Update for July to December 2021. The period includes the filing of …
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31 Mar 2022 T-REX Article
FATF releases report on Migrant Smuggling
FATF has released Money Laundering and Terrorist Financing Risks Arising from Migrant Smuggling.
The report analyses the ML/TF risks …
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31 Mar 2022 T-REX Article
FATF updated on global ML/TF Risk
FATF has published two recent updates relating to international ML/TF risk.
The updates relate to jurisdictions which may pose a …
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31 Mar 2022 T-REX Article
FATF makes update to Recommendation 24
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31 Mar 2022 T-REX Article
FATF Releases Statement Regarding War in Ukraine
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31 Mar 2022 T-REX Article
FATF: Outcome of the March 2022 Plenary
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31 Mar 2022 T-REX Article
AUSTRAC joins Russia-Related Illicit Finance and Sanctions FIU Working Group
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31 Mar 2022 T-REX Article
AUSTRAC commences proceedings against Crown
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31 Mar 2022 T-REX Article
Unconscionable conduct case an opportunity to update policies and training
Lenders should be aware of a recent decision handed down by the High Court on asset-based lending and unconscionable conduct, …
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31 Mar 2022 T-REX Article
Variation of Privacy (Credit Reporting) Code 2014
There should be greater consistency across industry in the collection, use and disclosure of financial hardship information following the approval …
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31 Mar 2022 T-REX Article
ASIC amends market integrity rules to promote resilience
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31 Mar 2022 T-REX Article
Financial adviser exam sitting dates released
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31 Mar 2022 T-REX Article
COVID-19 ROA and SOA relief set to expire
ASIC’s COVID-19 relief in relation to ROAs and SOAs is due to expire on 15 April 2022. Some of this …
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31 Mar 2022 T-REX Article
Quality of Advice Review terms of reference and reviewer
The Government has announced the release of the Terms of Reference for the Quality of Advice Review. It has also …
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31 Mar 2022 T-REX Article
AFCA determination regarding crypto payment services
AFCA issued a determination in relation to a business that allows customers to pay bills using cryptocurrency. The financial firm …
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