The Australian Financial Complaints Authority (AFCA) has published its report on the conclusion of its Fairness Jurisdiction Project which summarises work undertaken to ensure AFCA’s Fairness jurisdiction is well understood by stakeholders.
The aim of the project was to create
APRA’s discussion paper Strengthening Financial Resilience in Superannuation was triggered by the Financial Sector Reform (Royal Commission Response) Act 2020, which extends existing prohibitions in the Superannuation Industry (Supervision) Act 1993 that prevent registrable superannuation entity (RSE) licensees using trust
In a speech by the Reserve Bank of Australia’s Head of Payments Policy Department he has set out what has been achieved in delivering real-time payments in Australia through the New Payments Platform (NPP) as well as the work that still
The ACCC’s March 2022 Interim Report on General Online Retail Marketplaces is its 4th report in its Digital platform services inquiry into whether a new regulatory framework or tools are required to address the competition and consumer concerns identified with
In Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496 the Federal Court of Australia ordered Australian Financial Services Licensee RI Advice Group Pty Ltd to engage a cybersecurity expert to identify what, if any,
In Australian Securities and Investments Commission v Lightspeed Finance Pty Ltd [2022] FCA 469 the Federal Court of Australia declared that Lightspeed Finance as a licensed credit assistance provider breached section 47(1)(m) of the National Credit Act by failing to
In Australian Securities and Investments Commission v Rent 2 Own Cars Australia Pty Ltd (No 2) [2022] FCA 491 the Federal Court of Australia ordered the 2 former directors of Rent 2 Own Cars Australia Pty Ltd (Rent 2 Own
After completing an enforcement investigation which identified concerns about NAB’s AML/CTF program, systems and controls but concluded that a civil penalty proceeding was not appropriate, Austrac has accepted an enforceable undertaking from National Australia Bank (NAB) on its own behalf
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2022 (No. 1) commenced on 30th April 2022. Background.
Digital currency exchange services exemption for financial institutions
The Instrument removes the requirement for financial institutions (including ADIs) to register
The last 4 years since the Financial Services Royal Commission commenced its public hearings have shown that non-financial compliance risks for financial services providers, credit providers and the wealth management industry (including superannuation) must be monitored by Boards as closely