Regulatory Updates

Background

If you are a foreign entity carrying on a financial services business “in Australia” then you must hold an …

See Bills introduced to Parliament, or exposure draft legislation released for consultation.

Relief from dollar disclosure and AFS licensing requirements. This ASIC Consultation seeks feedback on its proposal to remake ASIC Corporations …

ASIC updates guidance on whistleblowing

ASIC has updated its whistleblowing information sheets INFO 238 and INFO 239 to simplify language, …

The process and forms for claiming legal professional privilege in relation to notices, requests for information and reporting obligations have …

AUSTRAC has recently made several changes to the Program Starter Kit documents.

The changes are targeted rather than a full …

Further to AUSTRAC’s update to regulator statement of expectations made last month, where it flagged that its position on AML/CTF …

AUSTRAC has released dedicated guidance to assist reporting entities that only provide item 54 designated services understand their obligations.

AFS …

ASIC has extended the relief provided under ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 for 5 years until 1 October …

AUSTRAC’s updated Terrorism financing risks in Australia’s non-profit organisation sector has found that criminals continue to exploit charities, using them …

The Federal Court has found that Diamond Wheels Pty Ltd and Keo Automotive Pty Ltd provided car loans to consumers …

From 1 July 2026 new threshold transaction reports (TTRs) and suspicious matter reports (SMRs) forms will be released by AUSTRAC. …

AFCA welcomed the Government’s confirmation that it will be appointed as the single EDR scheme for scam complaints under the …

ASIC has updated its Regulatory Guide 234 Advertising financial products and services (including credit) (RG 234) following the …

Duffy

ASIC has permanently banned Gerard Duffy from providing financial services after finding that it had reason to believe that …

ASIC has updated its Internal Dispute Resolution data dashboard to include reported complaints activity between 1 July and 31 December …

The Federal Court has disqualified former Star Entertainment Group executives Mathias Bekier and Paula Martin from managing corporations for six …

The OAIC has found that American Express Australia Ltd interfered with a complainant’s privacy under the Privacy Act 1988, …

The Federal Court has ordered HSBC Bank Australia Limited to pay a $35 million penalty and to publish adverse publicity …

Mercer Super has been ordered by the Federal Court to pay penalties totalling $10.3 million for systemic failures to report …

ASIC is proposing changes to a range of legislative instruments to take effect later in the year.

Financial reporting and …

The ban on the advertising by most non-default superannuation funds during the employee onboarding process is due to commence on …

ASIC has announced that it will publish the verified website addresses of AFS licensees on its Professional Registers Search (PRS). …

The Full Federal Court has dismissed ASIC’s appeal against an earlier finding of the Federal Court that a “pre-existing condition” …

The High Court has unanimously found that the fixed-yield digital asset product

“Earner” offered by Block Earner was a financial …

In May this year ASIC reminded providers of financial services involving digital asset financial products that they need to decide …

ASIC has commenced Federal Court proceedings against 3 former directors of Keystone Asset Management Ltd (Keystone) alleging breaches of their …

The Federal Court has ordered penalties totalling more than $300 million against collapsed contracts for difference (CFD) issuer Union Standard …

In a period defined by rapid digitisation and the rise of artificial intelligence (“AI”), financial systems are becoming faster, smarter …

See Bills introduced to Parliament, or exposure draft legislation released for consultation.

Proposed derivative transaction reporting rules update. This Consultation seeks feedback on proposed updates to the ASIC Derivative Transaction Rules (Reporting) …

ASIC cancels licences

ASIC has cancelled the AFS licences of:

• ABL Funds Management Pty Ltd for failure to meet statutory …

AUSTRAC and PPATK, Indonesia’s Financial Intelligence Unit, have recently joined forces for a week of action focused on combatting child …

ML/TF Risk Assessment Quick Guide

AUSTRAC has released quick guides for Tranche 2 sectors to help businesses learn the steps …

Bankstown District Sports Club Ltd has been ordered by AUSTRAC to appoint an external auditor, following concerns its anti-money laundering …

AUSTRAC has launched two supervisory campaigns focused on virtual asset service providers (“VASPs”) that offer over-the-counter crypto to cash (or …

AUSTRAC has updated Australia’s money laundering (“ML”), terrorism financing (“TF”) and proliferation financing (“PF”) risks, highlighting a rapidly evolving financial …

AUSTRAC has recently updated its statement of expectations for both existing and new reporting entities.

The clear message is that …

Recent AFCA releases

AFCA has released FAQs in relation to its newly introduced call recording process across case handling teams. …

The Federal Court has held that Telstra Super failed to comply with its internal dispute resolution (“IDR”) procedures as required …

A two-year prohibition against the registration of financial adviser Stephen Rogers as a relevant provider, imposed by the FCSP, has …

ASIC has permanently banned Trent Simon Giumelli from providing financial services after finding that he demonstrated:

• serious incompetence and irresponsibility …

Former financial services director Ashley Arandez has been sentenced to 5 years and 6 months’ imprisonment after pleading guilty to …

In April, the Federal Court ordered Cigno Australia and its director Mark Swanepoel, and BSF Solutions and its director Brenton …

The Federal Court has ordered a $33.5 million penalty against online retailer Walker Stores Pty Ltd, which traded as Snaffle, …

The Federal Court has ordered a $26 million civil penalty against Westpac Banking Corporation for failing to respond to more …

ASIC has made changes to the following disclosure requirements for the superannuation and investment management sectors:

• ASIC Corporations (Disclosure of …

ASIC commences further proceedings against Equity Trustees

ASIC has commenced further proceedings in the Federal Court against Equity Trustees Superannuation …

ASIC has reminded providers of financial services involving digital asset financial products that they need to decide whether to apply …

ASIC is proposing to remake the following legislative instruments that provide relief for certain types of managed investment schemes:

• ASIC …