Bright Law Blog

Blog Authors

Latest from Bright Law Blog

The ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2021/11 commenced on 12 January 2021. The changes include the following: Amend the Code’s definition of ‘banking services’ to address an anomaly in the Code’s previous wording that had the unintended result of excluding certain types of small business banking customers who would otherwise meet the Code’s definition of ‘small business’. Make some minor amendments to the Code’s definition of ‘small…
AUSTRAC has published its money laundering and terrorism financing (ML/TF) risk assessment of the junket tour operations (JTOs) sector.  USTRAC has assessed that the JTO sector faces multiple criminal threats and the overall ML/TF risk is high. The assessment provides insight and understanding to financial institutions and remittance providers which provide financial services to casinos, JTOs or junket participants. The report discusses cuckoo smurfing, a money laundering process in which non-complicit beneficiary customers of international…
A new AML/CTF training course is now available online.  Updated to 1 January 2021, the course consists of 3 videos: a 31 minute video overview of the AML/CTF Act, including who must register as a reporting entity and a reporting entity’s obligations; a 32 minute video on what a reporting entity needs to do to comply; and an 18 minute video on case studies: Tabcorp, CBA, Westpac and State Street. If you are interested…
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have issued a letter to registrable superannuation entity (RSE) licensees in relation to Member Outcomes (MO) obligations and Design and Distribution Obligations (DDO), to assist in better understanding the interaction of their requirements. For the MO obligations, administered by APRA and which commenced on 1 January 2020, the first Business Performance Reviews (BPR) were due by 31 December 2020 and the…
‘WG’ and AustralianSuper Pty Ltd (Privacy) AICmr 64 considered a complaint that AustralianSuper Pty Ltd disclosed a member’s personal information to their former lawyers despite the complainant having given the super fund notice of the revocation of the lawyers’ authority to act. The Privacy Commissioner decided that AustralianSuper Pty Ltd, interfered with the complainant’s privacy by: disclosing the complainant’s personal information to their former lawyers in breach of Australian Privacy Principle 6; failing to take…
In this 7 minute video, I summarise the current state of financial services and credit regulation in Australia and what is happening in 2021. There is a transcript below. TRANSCRIPT Date: 1 January 2021 Hello, I’m David Jacobson. Today, I want to give you a preview of what’s ahead in 2021 for financial services and credit regulation but first, let’s look at where we are now. Managing complexity The financial services and credit market has…
The most-read articles on my site in 2020 were a combination of “classic” posts and new developments. Here they are in no particular order: Case note: ASIC v Healey (Centro); Record-keeping obligations of financial services licensees; Case Study: CBA, governance, risk, and compliance; GST on property settlements; Case note: ASIC v Vines; How do you identify vulnerable customers?; COVID-19 posts; Case note: ASIC v Hellicar (James Hardie) ; AML/CTF Amendment Bill 2020; Case note:…
Disclosure of personal information to third parties In Flight Centre Travel Group (Privacy) [2020] AICmr 57 the Privacy Commissioner determined that Flight Centre interfered with the privacy of almost 7,000 customers by disclosing their personal information to third parties without consent. The information, including individuals’ credit card and passport details, was released by Flight Centre Travel Group Ltd during a ‘design jam’ in 2017. The Privacy Commissioner found the company breached three Australian Privacy Principles (APPs)…
Treasury has released a consultation paper seeking stakeholder feedback on regulatory impediments to modernising business communications. The consultation will specifically consider Treasury laws, including the Corporations Act 2001, Australian Securities and Investments Commission Act 2001, Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Superannuation Industry (Supervision) Act 1993, Consumer and Competition Act 2010 and National Consumer Credit Protection Act 2009. The Government is proposing to adopt technology neutrality in how businesses meet legal…
The Australian Border Force (ABF) has published its report on the first tranche of modern slavery statements submitted to the Online Register for Modern Slavery Statements under the Commonwealth Modern Slavery Act 2018. The ABF says it is closely monitoring the quality of statements and has identified the following good-practice trends and areas for improvement. Good-practice trends Clearly addressing mandatory criteria for content and use headings that align to each criterion or providing illustrative tables…