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Legislation has been rolled out to ensure digital currencies are covered under the AML/CTF Act. The announcement was made on Thursday 17 August.

According to a statement released by the office of the Minister of Justice, the Bill will:

  • Cover the loss of regulatory gap by bringing digital currency exchange providers under the remit of...

By Kwame Slusher



On 3 August, Australian Transaction Reporting and Analysis Centre (AUSTRAC) announced that it had commenced civil penalty proceedings against CBA in respect of what it described as “serious and systemic non-compliance with the Anti-money Laundering & Counter-terrorism Financing Act 2006” (the AML/CTF Act). The action alleges that CBA failed to co...

By Kwame Slusher

OAIC Media Release

On 15 August 2017, the Acting Australian Information Commissioner opened an investigation into Flight Centre, examining an alleged data breach involving the release of the personal information of customers to third-party suppliers.

Flight Centre is cooperating with the Office of the Australian Information Commissioner’s ...

By Kwame Slusher

ASIC Media Release

ASIC has permanently banned Daniel Joseph Noonan, a former financial adviser based in Hobart, from the credit and financial services industries.

Mr Noonan was banned after pleading guilty and being convicted of 97 counts of fraud and 10 counts of stealing in the Supreme Court of Tasmania on 23 June 2017, following an investig...

By Kwame Slusher

Thursday 17 August 2017



The Australian Prudential and Regulation Authority (APRA) has released a discussion paper looking a new phased licensing system for ADIs.

The paper, Licensing: A phased approach to authorising new entrants to the banking industry, looks at some of the ways barrier entries can be lowered while still maintaining the confidence of consumers.

“...

By Kwame Slusher

ASIC Media Release

ASIC has successfully applied to the Federal Court to make Joshua Fuoco a fourth defendant in proceedings against Wealth and Risk Management (WRM) and its related companies Yes FP and Yes FS.

ASIC alleges the defendants breached various provisions of the Corporations Act 2001 and the Australian Securities and Investments Comm...

By Kwame Slusher

ASIC Media Release

ASIC has disqualified John Evennett of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor. ASIC determined that Mr Evennett had breached fundamental independence and audit requirements. Given the nature of these breaches, it was considered appropriate to disqualify Mr Evennett.

ASIC found t...

By Kwame Slusher

 


Regulators around the world are looking for ways to protect themselves against the next global financial crisis.

“The IMF recommends that the Reserve Bank take on significantly more resources in order to: more proactively engage with the banks; issue more comprehensive rules and guidance on key prudential matters; and more frequently verify...

By Kwame Slusher



The Australian Competition and Consumer Commission (ACCC) has just issued a report entitled New Car Retailing Industry—a market study by the ACCC.

“The ACCC is deeply concerned about the level of non-compliance with the Australian Consumer Law (ACL) in the new car industry. We will continue to take action to address failures by car manufactur...

By Kwame Slusher

ACCC Media Release

14 August 2017

The ACCC has commenced proceedings in the Federal Court against Mr Tuan Nguyen to enforce payment of a $50,000 penalty previously ordered for breaches of consumer law.

In 2013, the Court found that Mr Nguyen was knowingly concerned in false or misleading represen...

By Kwame Slusher