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Anti-Money Laundering / Counter-Terrorism Financing (AML/CTF)


Living in interesting times

Written By: T-REX Contributor
Published: July 31st, 2020
It has been a rocky start to the new financial year, with COVID-19 rearing its head for a second time (particularly in Victoria) and the Treasurer announcing an historic deficit and record deflation. However, it is not all bad news. ASIC and other regulatory bodies are cognisant of the current circu
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ASIC notifies industry of financial reporting during COVID-19

Written By: T-REX Contributor
Published: July 31st, 2020
ASIC has notified industry of its expectation in relation to financial reports and related disclosures for the financial year ending 30 June 2020. ASIC emphasised the importance of financial reports and related disclosures for investors and to maintain an informed market during uncertain times. I
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ASIC releases updated guidance on complaints handling

Written By: T-REX Contributor
Published: July 31st, 2020
ASIC has released an updated Regulatory Guide 271: Internal dispute resolution, which sets out new requirements in relation to dealing with consumer and small business complaints.  It will supersede the existing RG165. The updated requirements set out in RG 271: reduce the timeframe for r
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New director identification number regime introduced

Written By: T-REX Contributor
Published: July 31st, 2020
Australia has a new director identification number (DIN) regime, introduced by the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth) (the Act).  The regime’s start date is yet to be confirmed.  The Explanatory Memorandum states that it will not a
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Jail time for failure to attend ASIC hearing

Written By: T-REX Contributor
Published: July 31st, 2020
An accountant, William Fong, has been sentenced to 6 weeks imprisonment for failing to attend an ASIC examination.  ASIC was investigating Mr Fong’s conduct as a director of Fong & Partners (NT) Pty Ltd and, as part of its investigation, required him to appear at an ASIC examination a
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Federal court confirms broad interpretation of prohibition against dishonest, misleading and deceptive conduct in relation to financial products and services

Written By: T-REX Contributor
Published: July 31st, 2020
ASIC has successfully appealed the Administrative Appeals Tribunal’s (AAT) decision to overturn ASIC’s decision to permanently ban a financial adviser, Robert Hutchison, from providing financial services. ASIC banned Mr Hutchison after it found that he did not pass money received from
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Monetary threshold for a “consumer” to increase from $40,000 to $100,000

Written By: T-REX Contributor
Published: July 31st, 2020
The Government has passed the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020, which will increase the monetary threshold under which a person is deemed to acquire a financial product or service as a consumer from $40,000 to $100,000 as of 1 July 2021.&n
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ASIC guidance on whistleblower protection regime

Written By: T-REX Contributor
Published: July 31st, 2020
ASIC has released two new information sheets to help companies, company officers and company auditors understand and comply with their obligations under the corporate whistleblower protection regime.  Information Sheet 246 sets out information relevant to company auditors and Information She
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Consumer Data Right commences

Written By: T-REX Contributor
Published: July 31st, 2020
After the long lead-up, the Consumer Data Right (CDR) finally commenced within the banking sector on 1 July 2020. The CDR provides greater portability of customer data and will continue to be progressively rolled out to the utility and telecommunication sectors. With the CDR now active in the fin
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Modernisation of Commonwealth registers

Written By: T-REX Contributor
Published: July 31st, 2020
The Commonwealth Registers Act 2019 has now passed both houses of Parliament, and will commence when it receives Royal Assent.  The new law establishes a new Commonwealth business registry regime.  The new registry regime is intended to create a flexible, technology neutral and governan
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AFCA receives over 80,000 complaints in 2019/20 financial year

Written By: T-REX Contributor
Published: July 31st, 2020
AFCA received 80,564 complaints in the 2019/20 financial year, which was an increase of 13.7 per cent on the previous year. Banks continue to be the most complained about financial institution. Of the complaints received, 78 per cent were resolved and 73 per cent were settled by agreement or reso
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AFCA bans paid representative from lodging complaints

Written By: T-REX Contributor
Published: July 31st, 2020
AFCA has banned the directors, employees and agents of MCR Partners Pty Ltd from lodging any complaints with AFCA for 15 months.  MCR Partners worked as paid agents to lodge complaints on behalf of consumers. AFCA has discretion to exclude a complaint lodged on behalf of a complainant by a r
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FATF proposes amendment to Recommendation 1 and its interpretive note for public consultation

Written By: T-REX Contributor
Published: July 31st, 2020
In addition to identifying, assessing and understanding ML/TF risks, FATF has proposed that designated service providers should identify, assess and understand the risks of proliferation financing risks (the potential breach, non-implementation or evasion of targeted financial sanctions obligations)
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FATF priorities for the next 2 years

Written By: T-REX Contributor
Published: July 31st, 2020
From July 2020 to June 2022, FATF will prioritise: digital transformation of AML/CTF financing of ethnically or racially motivated terrorism  ML and migrant smuggling  environmental crime  illicit arms trafficking. FATF will also continue to deliver its core work of id
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FATF review of virtual assets and VASPs

Written By: T-REX Contributor
Published: July 31st, 2020
FATF has completed its 12-month review of the implementation of the revised FATF Standards on virtual assets and virtual asset service providers (VASPs).  FATF will undertake another 12-month review by June 2021 to measure how jurisdictions and the private sector have implemented the revised FA
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FATF report on stablecoins

Written By: T-REX Contributor
Published: July 31st, 2020
FATF has released a report on stablecoins.  In its report FATF notes that, depending on their characteristics, stablecoins could be classified as traditional financial assets.  The ML/TF risks of stablecoins also depends on how they are designed.   FATF considers that stableco
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Proposed amendment to AML/CTF rule on customer identification procedures

Written By: T-REX Contributor
Published: July 31st, 2020
AUSTRAC has proposed amendments to the AML/CTF Rules which, if implemented, would allow entities to conduct KYC checks after providing a designated service in limited circumstances.  Specifically, if an entity wishes to undertake customer identification and verification after providing a des
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In brief

Written By: T-REX Contributor
Published: July 31st, 2020
ASIC has updated its list of frequently asked questions in relation to financial reporting and audit matters in light of COVID-19. The updated FAQs include an overview of ASIC’s focus areas for companies, directors and auditors for financial reporting in the current climate.  ASIC has
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Consultation

Written By: T-REX Contributor
Published: July 31st, 2020
Consultation Paper 330. Using the product intervention power: Continuing credit contracts. This Consultation Paper sets out ASIC’s proposal for using its product intervention power in relation to continuing credit contracts. ASIC is seeking feedback in relation to the likely compliance costs,
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T-REX Bites - Feature Article

Written By: T-REX Contributor
Published: July 31st, 2020
Ban on conflicted remuneration for mortgage brokers and intermediaries - delayed but on its way  In February 2020, the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures)) Act 2020 (Act) passed both Houses of Parliament and received Roya
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